Implementing Optimal Monetary Policy in New-Keynesian Models with Inertia

被引：0

作者：

Evans, George W. ^{[1
,2
]}

McGough, Bruce ^{[3
]}

机构：

[1] Univ Oregon, Eugene, OR 97403 USA

[2] Univ St Andrews, St Andrews KY16 9AJ, Fife, Scotland

[3] Oregon State Univ, Corvallis, OR 97331 USA

来源：

B E JOURNAL OF MACROECONOMICS | 2010年 / 10卷 / 01期

关键词：

monetary policy; Taylor rules; indeterminacy; E-stability; RULES; PERSPECTIVE; INDETERMINACY; COMMITMENT; STABILITY;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We consider optimal monetary policy in New Keynesian models with inertia due to lagged effects of inflation and output. We characterize the conditions for the unconditionally optimal equilibrium and compare them with those identifying optimality from the timeless perspective. Implementation of optimal policy is considered via construction of suitable interest-rate rules. We characterize the collection of all interest-rate rules consistent with the optimal equilibrium, and we identify among them an expectations-based rule that guarantees uniqueness and stability under learning.

引用

页数：24

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