The effect of uncertainty on monetary policy: how good are the brakes?

dc.contributor.author	Cagliarini, Adam
dc.contributor.author	Debelle, Guy
dc.date.accessioned	2019-11-01T00:01:30Z
dc.date.available	2019-11-01T00:01:30Z
dc.date.issued	2002
dc.identifier.isbn	956-7421-099
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3655
dc.description	In most industrial countries, official interest rate changes tend to be 'smooth'. That is, rates are adjusted relatively infrequently and is small steps. Yet the path of interest rates that emerges as optimal from macroeconomic models is, in general, considerably more volatile. So are the paths of interest rates implied by simple Taylor-type rules, unless a sufficiently large weight is put on an interest rate smoothing term that penalizes large movements in the policy interest rate.
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 167-195
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Serieson Central Banking, Analysis, and Economic Policies, no. 4
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	POLÍTICA MONETARIA	es_ES
dc.subject	TASAS DE INTERÉS	es_ES
dc.subject	MACROECONOMÍA	es_ES
dc.title	The effect of uncertainty on monetary policy: how good are the brakes?
dc.type.doc	Artículo
dc.file.name	BCCh-sbc-v04-p167_196

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