This paper investigates a robust monetary policy under speed limit policy when a central bank fears model misspecification. We reveal several points. First, the persistence of the output gap becomes small with the robust speed limit policy. The low persistence of the output gap contributes to mitigating the variance of the output gap. Second, for a robust policy, social losses are lower under the speed limit policy than under precommitment. Our results suggest that adding the growth of the output gap to the central bank’s objectives is effective when the worst-case scenario is realized.

中文翻译：

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稳健性如何改变限速政策的可取性

本文研究了当中央银行担心模型错误指定时在限速政策下的稳健货币政策。我们揭示几点。首先，随着稳健的限速政策，产出缺口的持续性变小。产出缺口的低持续性有助于缓解产出缺口的差异。其次，对于稳健的政策，限速政策下的社会损失低于预先承诺下的社会损失。我们的结果表明，当最坏的情况发生时，将产出缺口的增长加入央行的目标是有效的。