Unconditionally optimal monetary policy

• 成果类型: Article
• 署名作者: Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles
• 署名单位: University of St Andrews
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.01.003
• 发表日期: 2008
• 页码: 491-500
• 关键词: unconditional expectations; optimal monetary policy

摘要

We develop a simple and intuitive approach for analytically deriving unconditionally optimal (UO) policies, a topic of enduring interest in optimal monetary policy analysis. The approach can be employed in both general linear-quadratic problems and in the underlying non-linear environments. A detailed example is provided using a canonical New Keynesian framework. (C) 2008 Elsevier B.V. All rights reserved.