| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9420 |
| 来源ID | Working Paper 9420 |
| Optimal Interest-Rate Rules: II. Applications | |
| Marc P. Giannoni; Michael Woodford | |
| 发表日期 | 2003-01-06 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | In this paper we calculate robustly optimal monetary policy rules for several variants of a simple optimizing model of the monetary transmission mechanism with sticky prices and/or wages. We discuss representations of optimal policy both in terms of interest-rate feedback rules that generalize the well-known Taylor rule,' and in terms of commitment to a target criterion of the kind discussed in familiar proposals for flexible inflation targeting.' Optimal rules, however, require that policy be history-dependent in ways not contemplated by many well-known proposals. We furthermore find that a robustly optimal policy rule is almost inevitably an implicit rule, that requires the central bank to use a structural model to project the economy's evolution under the contemplated policy action. Finally, our numerical examples suggest that optimal rules do not place nearly as much weight on projections of inflation or output many quarters in the future as occurs under the current practice of inflation-forecast targeting central banks. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w9420 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567039 |
| 推荐引用方式 GB/T 7714 | Marc P. Giannoni,Michael Woodford. Optimal Interest-Rate Rules: II. Applications. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9420.pdf（1151KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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