| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9939 |
| 来源ID | Working Paper 9939 |
| Optimal Inflation Targeting Rules | |
| Marc P. Giannoni; Michael Woodford | |
| 发表日期 | 2003-09-01 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This paper characterizes optimal monetary policy for a range of alternative economic models in terms of a flexible inflation targeting rule, with a target criterion that depends on the model specification. It shows which forecast horizons should matter, and which variables besides inflation should be taken into account, for each specification. The likely quantitative significance of the various factors considered in the general discussion is then assessed by estimating a small, structural model of the U.S. monetary transmission mechanism with explicit optimizing foundations. An optimal policy rule is computed for the estimated model, and shown to correspond to a multi-stage inflation-forecast targeting procedure. The degree to which actual U.S. policy over the past two decades has conformed to the optimal target criteria is then considered. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w9939 |
| 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/567564 |
| 推荐引用方式 GB/T 7714 | Marc P. Giannoni,Michael Woodford. Optimal Inflation Targeting Rules. 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 | ||
| w9939.pdf（576KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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