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https://hdl.handle.net/10419/25513
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Woodford, Michael | en |
dc.date.accessioned | 2007-04-24 | - |
dc.date.accessioned | 2009-07-24T13:48:19Z | - |
dc.date.available | 2009-07-24T13:48:19Z | - |
dc.date.issued | 2005 | - |
dc.identifier.pi | urn:nbn:de:hebis:30-38229 | en |
dc.identifier.uri | http://hdl.handle.net/10419/25513 | - |
dc.description.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. | en |
dc.language.iso | eng | en |
dc.publisher | |aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M. | en |
dc.relation.ispartofseries | |aCFS Working Paper |x2007/12 | en |
dc.subject.jel | E52 | en |
dc.subject.jel | E58 | en |
dc.subject.jel | E42 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Optimal Monetary Policy | en |
dc.subject.keyword | Commitment | en |
dc.subject.keyword | History-Dependent Policy | en |
dc.subject.stw | Geldpolitik | en |
dc.subject.stw | Konjunkturpolitik | en |
dc.subject.stw | Rationale Erwartung | en |
dc.subject.stw | Theorie | en |
dc.title | Robustly optimal monetary policy with near-rational expectations | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 527629359 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:cfswop:200712 | en |
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