Abstract

http://ssrn.com/abstract=1666731
 
 

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Central Banker's Behaviour in an Uncertain Environment


Sanvi Avouyi-Dovi


Banque de France

Jean-Guillaume Sahuc


Banque de France - Centre de Recherche

July 1, 2009

Banque de France Working Paper No. 241

Abstract:     
Several recent papers are devoted to the examination of the central banker's behaviour in an uncertain economic environment. This paper proposes, from a central banker's point of view, a synthesis of the main sources of uncertainty as well as an illustration of their effects within an analytical framework. In particular, it shows that depending on the type of uncertainty and the choice of the selected loss function, the recommendations for monetary policy can be noticeably different. Retaining an ad hoc loss function - discretionary choice - in place of an endogenous loss function - choice consistent with the structural parameters - can involve considerable welfare losses.

Note: Downloadable document is in French.

Number of Pages in PDF File: 34

Keywords: Monetary policy, Uncertainty, Macroeconomic Model

JEL Classification: D81, E52, E61

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Date posted: August 28, 2010  

Suggested Citation

Avouyi-Dovi, Sanvi and Sahuc, Jean-Guillaume, Central Banker's Behaviour in an Uncertain Environment (July 1, 2009). Banque de France Working Paper No. 241. Available at SSRN: http://ssrn.com/abstract=1666731 or http://dx.doi.org/10.2139/ssrn.1666731

Contact Information

Sanvi Avouyi-Dovi (Contact Author)
Banque de France ( email )
Paris
France
Jean-Guillaume Sahuc
Banque de France - Centre de Recherche ( email )
31 rue Croix des Petits Champs
75049 Paris Cedex 01
France
+33 1 42 92-49-52 (Phone)
+33 1 42-92-62-92 (Fax)
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