Exact Utilities under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents
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چکیده
منابع مشابه
Exact Utilities under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents
We construct an optimizing-agent model of a closed economy which is simple enough that we can use it to make exact utility calculations. There is a stabilization problem because there are one-period nominal contracts for wages, or prices, or both and shocks that are unknown at the time when contracts are signed. We evaluate alternative monetary policy rules using the utility function of the rep...
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Isard, Laxton and Eliasson [1] (ILE) have written a …ne and impressive paper, with much content. It presents an estimated empirical model of the U.S. economy, with a nonlinear Phillips
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2001
ISSN: 1556-5068
DOI: 10.2139/ssrn.231777