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info:eu-repo/semantics/altIdentifier/doi/10.1080/13504850110108067
Hervé Le Bihan et al., « Implications of parameter uncertainty for monetary policy in a simple Euro area model », HAL-SHS : économie et finance, ID : 10.1080/13504850110108067
The `Brainard conservatism principle' states that the optimal monetary policy rule should be less aggressive when uncertainty about parameters is taken into account. However, this principle is not fully general and may be reversed in some cases. This paper examines the implications of parameter uncertainty for monetary policy using a simple empirical model of the Euro area. The Brainard principle is found to be empirically relevant.