Optimal monetary policy: What we know and what we don't know

• 成果类型: Article
• 署名作者: Kocherlakota, NR
• 署名单位: Stanford University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2005.00343.x
• 发表日期: 2005
• 页码: 715-729
• 关键词: money; inflation; search; MODEL; RULE

摘要

In this article, I examine the current state of knowledge about optimal monetary policy. I distinguish between two literatures, basic and applied. The basic literature is explicit about the frictions that generate a positive value for money and make it socially beneficial. The applied literature is not. I describe the recent lessons about monetary policy that we have learned from each literature and discuss how the two distinct approaches may be usefully combined.