Monetary Policy with Imperfect Knowledge
研究了央行和公众对经济模型参数估计不完美时，不同货币政策规则的表现和稳健性，发现传统泰勒规则在信息不完全时表现很差，而差分规则则表现良好。
We examine the performance and robustness of monetary policy rules when the central bank and the public have imperfect knowledge of the economy and continuously update their estimates of model parameters. We find that versions of the Taylor rule calibrated to perform well under rational expectations with perfect knowledge perform very poorly when agents are learning and the central bank faces uncertainty regarding natural rates. In contrast, difference rules, in which the change in the interest rate is determined by the inflation rate and the change in the unemployment rate, perform well when knowledge is both perfect and imperfect.