全球智库信息集成服务系统(G2TT): DP16865 A toolkit for computing Constrained Optimal Policy Projections (COPPs)

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16865
	DP16865 A toolkit for computing Constrained Optimal Policy Projections (COPPs)
	Oliver de Groot; Falk Mazelis; Roberto Motto; Annukka Ristiniemi
发表日期	2022-01-07
出版年	2022
语种	英语
摘要	This paper presents a toolkit for generating optimal policy projections. It makes five contributions. First, the toolkit requires a minimal set of inputs: only a baseline projection for target and instrument variables and impulse responses of those variables to policy shocks. Second, it solves optimal policy projections under commitment, limited-time commitment, and discretion. Third, it handles multiple policy instruments. Fourth, it handles multiple constraints on policy instruments such as a lower bound on the policy rate and an upper bound on asset purchases. Fifth, it allows alternative approaches to address the forward guidance puzzle. The toolkit that accompanies this paper is Dynare compatible, which facilitates its use. Examples replicate existing results in the optimal monetary policy literature and illustrate the usefulness of the toolkit for highlighting policy trade-offs. We use the toolkit to analyse US monetary policy at the height of the Great Financial Crisis. Given the Fed’s early-2009 baseline macroeconomic projections, we find the Fed’s planned use of the policy rate was close to optimal whereas a more aggressive QE program would have been beneficial.
主题	Monetary Economics and Fluctuations
关键词	Optimal monetary policy Commitment vs. discretion Lower bound Asset purchases Forward guidance puzzle
URL	https://cepr.org/publications/dp16865
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/545791
推荐引用方式 GB/T 7714	Oliver de Groot,Falk Mazelis,Roberto Motto,et al. DP16865 A toolkit for computing Constrained Optimal Policy Projections (COPPs). 2022.