Reinforcement Learning for Monetary Policy Under Macroeconomic Uncertainty: Analyzing Tabular and Function Approximation Methods
宏观不确定性下的货币政策强化学习:表格方法与函数逼近比较
We study how a central bank should dynamically set short-term nominal interest rates to stabilize inflation and unemployment when macroeconomic relationships are uncertain and time-varying. We model monetary policy as a sequential decision-making problem where the central bank observes macroeconomic conditions quarterly and chooses interest rate adjustments. Using publicly accessible historical Federal Reserve Economic Data (FRED), we construct a linear-Gaussian transition…