Monetary policy under uncertainty : practice versus theory / by Rhys Mendes, Stephen Murchison and Carolyn A. Wilkins.: FB3-6/2017-13E-PDF

"For central banks, conducting policy in an environment of uncertainty is a daily fact of life. This uncertainty can take many forms, ranging from incomplete knowledge of the correct economic model and data to future economic and geopolitical events whose precise magnitudes and effects cannot be known with certainty. The objective of this paper is to summarize and compare the main results that have emerged in the literature on optimal monetary policy under uncertainty with actual central bank behaviour. To this end, three examples are studied in which uncertainty played a significant role in the Bank of Canada’s policy decision, to see how closely they align with the predictions from the literature"--Abstract, p. ii.

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Publication information
Department/Agency Bank of Canada, issuing body.
Title Monetary policy under uncertainty : practice versus theory / by Rhys Mendes, Stephen Murchison and Carolyn A. Wilkins.
Series title Bank of Canada staff discussion paper, 1914-0568 ; 2017-13
Publication type Series - View Master Record
Language [English]
Format Electronic
Electronic document
Note(s) "November 2017."
Includes bibliographical references.
Includes abstract in French.
Publishing information [Ottawa] : Bank of Canada, 2017.
Author / Contributor Mendes, Rhys R., author.
Wilkins, Carolyn, author.
Murchison, Stephen, author.
Description iii, 44 p. : col. charts
Catalogue number
  • FB3-6/2017-13E-PDF
Subject terms Monetary policy
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