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| Title: | | News Shocks and Optimal Simple Rules  |
| Authors: | | Wohltmann, Hans-Werner Winkler, Roland C. |
| Issue Date: | | 2010 |
| Series/Report no.: | | Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Advances of New Keynesian Macroeconomics G2-V3 |
| Abstract: | | This paper evaluates the performance of optimal simple policy rules in the presence of news shocks. It is shown that the inclusion of forward-looking elements enhances the performance of simple optimized interest rate rules when agents learn about future disturbances in advance. We provide a rationale for this result by demonstrating that, if shocks are news shocks, the optimal unrestricted control rule under commitment contains as a basic principle a forward-looking element. |
| Subjects: | | News Shocks Optimal Simple Rules Optimal Monetary Policy |
| JEL: | | E32 E52 E58 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie
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