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来源类型Working Paper
规范类型报告
DOI10.3386/w1114
来源IDWorking Paper 1114
Monetary Instruments and Policy Rules in a Rational Expectations Environment
Michael Dotsey; Robert G. King
发表日期1983-05-01
出版年1983
语种英语
摘要This paper explores the implications of rational expectations and the aggregate supply theory advanced by Lucas (1973) for analysis of optimal monetary policy under uncertainty along the lines of Poole (1970), returning to a topic initially treated by Sargent and Wallace (1975). Not surprisingly, these two "classical"concepts alter both the menu of feasible policy choice and the desirability of certain policy actions. In our setup, unlike that of Sargent and Wallace (1975),the systematic component of monetary policy is a relevant determinant of the magnitudeof "business fluctuations" that arise from shocks to the system. Central bank behavior--both the selection of monetary instruments and the framing of overall policyrespJnse to economic conditions--can work to diminish or increase the magnitude of business fluctuations. However, the "activist" policies stressed by the present discussion bear little (if any) relationship to the policy options rationalized by the conventional analysis of monetary policy under uncertainty. In particular,in contrast to Poole's analysis, money supply responses to the nominal interestrate are not important determinants of real economic activity. Rather, the central bank should focus on policies that make movements in the general price level readily identifiable by economic agents.
主题Macroeconomics
URLhttps://www.nber.org/papers/w1114
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/558335
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GB/T 7714
Michael Dotsey,Robert G. King. Monetary Instruments and Policy Rules in a Rational Expectations Environment. 1983.
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