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Optimal advice for monetary...
This paper addresses the issue of how to give optimal advice about monetary policy when it is known that the advice may not be heeded. We examine a simple macroeconomic model in which monetary policy has the ability to stabilize output by offsetting exogenous shocks to aggregate demand. The optimal policy rule for such a model is easily derived. But an advisor who knows that his advice may not be followed should not recommend the optimal policy rule. This is true because, in giving activist advice, such an advisor increases uncertainty about what monetary policy will be followed. We solve for the rule that such an advisor should use in giving advice
Monografía
monografia Rebiun36711043 https://catalogo.rebiun.org/rebiun/record/Rebiun36711043 m o d cr unu|||||||| 890901s1989 maua ob 000 0 eng d 760875904 1419782499 UAO ocn326884048 SCPER eng pn CUSER OCLCQ NTE OCLCE OCLCQ OCLCO OCLCF OCLCO OCLCQ SXT NBERS OCLCQ OCLCO OCLCQ OCLCL OCLCQ dlr X700 X100 330 OCoLC E jelc Optimal advice for monetary policy Susanto Basu [and others] Cambridge, MA National Bureau of Economic Research [1989] Cambridge, MA Cambridge, MA National Bureau of Economic Research 1 online resource (25, [3] pages) illustrations 1 online resource (25, [3] pages) Text txt rdacontent computer c rdamedia online resource cr rdacarrier NBER working paper series ; working paper no. 3054 "August 1989." Includes bibliographical references (page 19) Use copy. Restrictions unspecified star. MiAaHDL This paper addresses the issue of how to give optimal advice about monetary policy when it is known that the advice may not be heeded. We examine a simple macroeconomic model in which monetary policy has the ability to stabilize output by offsetting exogenous shocks to aggregate demand. The optimal policy rule for such a model is easily derived. But an advisor who knows that his advice may not be followed should not recommend the optimal policy rule. This is true because, in giving activist advice, such an advisor increases uncertainty about what monetary policy will be followed. We solve for the rule that such an advisor should use in giving advice Electronic reproduction. [Place of publication not identified] HathiTrust Digital Library. 2024. MiAaHDL Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2024. HathiTrust Digital Library committed to preserve pda MiAaHDL Economists Monetary policy- Mathematical models Economic stabilization- Mathematical models Political science- Decision making- Mathematical models Économistes Politique monétaire- Modèles mathématiques Stabilisation économique- Modèles mathématiques Politique- Prise de décision- Modèles mathématiques economists. Economic stabilization- Mathematical models. Economists. Monetary policy- Mathematical models. Political science- Decision making- Mathematical models. Macroeconomics and Monetary Economics. Basu, Susanto National Bureau of Economic Research Print version Optimal advice for monetary policy. Cambridge, MA : National Bureau of Economic Research, [1989] (OCoLC)20289966 Working paper series (National Bureau of Economic Research) working paper no. 3054