منابع مشابه
Optimal Constrained Interest-rate Rules∗
We show that if policymakers compute the optimal unconstrained interest-rate rule within a Taylor-type class, they may be led to rules that generate indeterminacy and/or instability under learning. This problem is compounded by uncertainty about structural parameters since an optimal rule that is determinate and stable under learning for one calibration may be indeterminate or unstable under le...
متن کاملOptimal Interest-Rate Rules
To be added.] ∗This is a revision of the text delivered by the second author as the Jacob Marschak Lecture at the 2001 Far Eastern Meeting of the Econometric Society, Kobe, Japan, July 21, 2001. We thank Julio Rotemberg and Lars Svensson for helpful discussions, and the National Science Foundation, through a grant to the NBER, for research support. Views expressed are those of the authors and d...
متن کاملOptimal Interest-Rate Rules: I. General Theory
This paper proposes a general method for deriving an optimal monetary policy rule in the case of a dynamic linear rational-expectations model and a quadratic objective function for policy. A commitment to a rule of the type proposed results in a determinate equilibrium in which the responses to shocks are optimal. Furthermore, the optimality of the proposed policy rule is independent of the spe...
متن کاملOptimal Interest-Rate Rules: II. Applications
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 i...
متن کاملEstimated, Calibrated, and Optimal Interest Rate Rules
Estimated, calibrated, and optimal interest rate rules are examined for their ability to dampen economic fluctuations caused by random shocks. A tax rate rule is also considered. The results show that the estimated interest rate rule used in the paper is stable for the period beginning in 1954 except for the early Volcker period, although more observations, especially high inflation ones, are n...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2007
ISSN: 0022-2879,1538-4616
DOI: 10.1111/j.1538-4616.2007.00069.x