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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. |
条目包含的文件 | 条目无相关文件。 |
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