Evaluating Alternative Monetary Policy Rules

This paper examines monetary policy from an optimal control perspective. Three loss functions are minimized for each of three models, and the results are compared. The three loss functions target nominal growth, real growth, and inflation, respectively. The three models are a small structural model, a VAR model, and a large structural model. A numerical procedure is presented that can handle a variety of loss functions and models.

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Year of publication:	1995-02
Authors:	Fair, Ray C. ; Howrey, E. Philip
Institutions:	Cowles Foundation for Research in Economics, Yale University

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Extent:	application/pdf
Series:	Cowles Foundation Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	CFP 940. Published in Journal of Monetary Economics (1996), 38: 173-193 The price is None Number 1091 21 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005593360