Multiplicative uncertainty in a model without inflationary bias |
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| Authors: | Teruyoshi Kobayashi |
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| Institution: | Graduate School of Economics, Nagoya University, Furo-cho, Chikusa-ku, Nagoya 464-8601, Japan |
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| Abstract: | This paper shows that an increase in the degree of multiplicative uncertainty regarding the effectiveness of monetary policy will reduce social loss when policymaker’s preferences are highly uncertain. This result is still valid even when there is no distortion in the market. |
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| Keywords: | Multiplicative uncertainty Brainard conservatism Uncertain preferences Monetary policy |
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