Monetary Policy Based on Macroscopic Uncertainty Perspective

Abstract

The global financial crisis and the outbreak of the banking crisis in the Eurozone have had a great impact on the macro economy. The influence of macroeconomic uncertainty on monetary policy has become the focus of scholars' research. Based on data from 2011 to 2016, public information indices and macroeconomic variables were used to construct the SVAR model. The effects of quantitative monetary policy and price monetary policy on the achievement of output targets and price targets under uncertainty conditions are analyzed. The impact of the acquisition of public information on the effectiveness of monetary policy was explored, which indirectly confirmed the effect of uncertainty on policy under the influence of information.