Research Discussion Paper – RDP 2017-06 Uncertainty and Monetary Policy in Good and Bad Times


We would like to thank Sami Alpanda, Viola Angelini, Leon Berkelmans, Nicholas Bloom, Anthony Brassil, Steven J Davis, Mardi Dungey, Luci Ellis, Christopher Gibbs, Klodiana Istre, Henrik Jensen, Gunes Kamber, Mariano Kulish, Sydney Ludvigson, Chandler Lutz, James Morley, Antonio Nicolò, Adrian Pagan, Morten Ravn, Søren Hove Ravn, Federico Ravenna, Daniel Rees, John Simon, Jesús Fernández-Villaverde, Benjamin Wong, and participants at presentations held at the Stanford Institute for Theoretical Economics Workshop, Conference on Computing in Economics and Finance (Oslo), Workshop of the Australasian Macroeconomics Society (Melbourne), Western Economic Association Conference (Wellington), Deutsche Bundesbank, Bank of Finland, Norges Bank, Copenhagen Business School, Reserve Bank of Australia, Monash University, and the Universities of Copenhagen, Melbourne, New South Wales (Sydney), Padova and Surrey for their useful comments and suggestions. The opinions expressed do not necessarily reflect those of the Bank of Finland or the Reserve Bank of Australia. The authors are solely responsible for any errors. Financial support from the Australian Research Council via the Discovery Grant DP160102281 is gratefully acknowledged.


Department of Economics, Monash University [*]

Department of Economics, University of Melbourne and Melbourne Institute of Applied Economic and Social Research [**]

Economic Research Department, Reserve Bank of Australia [***]