| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10767 |
| DP10767 Is Optimal Monetary Policy Always Optimal? | |
| Refet Gürkaynak | |
| 发表日期 | 2015-08-16 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy makers with various objectives. Asking the policy question only in terms of optimal monetary policy effectively turns the central bank into the residual claimant of all policy and gives the other policymakers a free hand in pursuing their own goals. This further worsens the tradeoffs faced by the central bank. The optimal monetary policy literature and the optimal simple rules often labeled flexible inflation targeting assign all of the cyclical policymaking duties to central banks. This distorts the policy discussion and narrows the policy choices to a suboptimal set. We highlight this issue and call for a broader thinking of optimal policies. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Central banking Fiscal policy monetary policy Optimal policy Optimal policy mix |
| URL | https://cepr.org/publications/dp10767 |
| 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/539598 |
| 推荐引用方式 GB/T 7714 | Refet Gürkaynak. DP10767 Is Optimal Monetary Policy Always Optimal?. 2015. |
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