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The science of monetary policy: A new Keynesian perspective

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dc.contributor.author Clarida, Richard
dc.contributor.author Galí, Jordi, 1961-
dc.contributor.author Gertler, Mark
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2017-07-26T10:50:47Z
dc.date.available 2017-07-26T10:50:47Z
dc.date.issued 1997-09-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=356
dc.identifier.citation Journal of Economic Literature, 37, 4, (1999), pp. 1661-1707
dc.identifier.uri http://hdl.handle.net/10230/360
dc.description.abstract This paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy implicitly incorporates inflation targeting. We also characterize the gains from making credible commitments to fight inflation. In contrast to conventional wisdom, we show that gains from commitment may emerge even in the central bank is not trying to inadvisedly push output above its natural level. We also consider the implications of frictions such as imperfect information.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 356
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title The science of monetary policy: A new Keynesian perspective
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2017-07-23T02:04:19Z
dc.subject.keyword monetary policy
dc.subject.keyword credibility
dc.subject.keyword stabilization
dc.subject.keyword new keynesian models
dc.subject.keyword Macroeconomics and International Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess

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