Hawkins, Raymond; Speakes, Jeffrey; Hamilton, Dan - In: Journal of Economic Interaction and Coordination 10 (2015) 1, pp. 183-197
We show that many currently popular monetary policy rules fall structurally within a class of robust industrial control known as proportional-integral-differential, or PID, control. From this identification we propose a general class of PID-based monetary policy rules that include as limiting...