| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8826 |
| DP8826 Robustly Optimal Monetary Policy in a Microfounded New Keynesian Model | |
| Michael Woodford; Klaus Adam | |
| 发表日期 | 2012-02-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We consider optimal monetary stabilization policy in a New Keynesian model with explicit microfoundations, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs close enough to model-consistency. We show how to characterize robustly optimal policy without restricting consideration a priori to a particular parametric family of candidate policy rules. We show that robustly optimal policy can be implemented through commitment to a target criterion involving only the paths of inflation and a suitably defined output gap, but that a concern for robustness requires greater resistance to surprise increases in inflation than would be considered optimal if one could count on the private sector to have 'rational expectations'. |
| 主题 | International Macroeconomics |
| 关键词 | Belief distortions Near-rational expectations Robust control Target criterion |
| URL | https://cepr.org/publications/dp8826 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537662 |
| 推荐引用方式 GB/T 7714 | Michael Woodford,Klaus Adam. DP8826 Robustly Optimal Monetary Policy in a Microfounded New Keynesian Model. 2012. |
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