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Robust Monetary Policy In A Linear Model Of The Polish Economy: Is The Uncertainty In The Model Responsible For The Interest Rate Smoothing Effect?
(Faculty of Economics and Sociology of the University of Lodz, 2016-01)
Estimates of the generalised Taylor rule suggest that monetary policy in Poland can be characterized as having reacted in a moderate fashion to output and in ation gaps and are strongly dependent on the lagged interest ...
Optimal Goodwill Model with Consumer Recommendations and Market Segmentation
(Faculty of Economics and Sociology of the University of Lodz, 2014)
We propose a new dynamic model of product goodwill where a product is sold in many market segments, and where the segments are indicated by the usage experience of consumers. The dynamics of product goodwill is described ...
Measuring uncertainty of optimal simple monetary policy rules in DSGE models
This paper presents a new approach to measure the parameter uncertainty for optimal simple monetary policy rules in the New Keynesian dynamic stochastic general equilibrium models. More precisely, we propose a new algorithm ...