G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8826
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
URLhttps://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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