@techreport{Woodford2005Robustly,
abstract = {The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely modelconsistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy, that the optimal long-run inflation target is unaffected by the degree of potential distortion of beliefs, and that optimal policy is even more historydependent than if rational expectations are assumed.},
address = {Frankfurt, Main},
author = {Michael Woodford},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E52; E58; E42; 330; Optimal Monetary Policy; Commitment; History-Dependent Policy; Geldpolitik; Konjunkturpolitik; Rationale Erwartung; Theorie},
language = {eng},
number = {2007/12},
publisher = {Center for Financial Studies},
title = {Robustly optimal monetary policy with near-rational expectations},
type = {CFS Working Paper},
url = {http://hdl.handle.net/10419/25513},
year = {2005}
}
