G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16865
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
URLhttps://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.
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