Simple Monetary Policymaking without the Output Gap
نویسندگان
چکیده
منابع مشابه
The Output Gap and Optimal Monetary Policy
In a standard New Keynesian model, a discretionary and myopic central bank concerned with changes in the output gap and inßation will implement a monetary policy that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank imparts inertia into output and inßation that is absent under pure discretion. It is shown that even a fully o...
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ژورنال
عنوان ژورنال: Journal of Money, Credit, and Banking
سال: 2006
ISSN: 1538-4616
DOI: 10.1353/mcb.2006.0085