Optimal Monetary Policy in a Hybrid New Keynesian Model with a Cost Channel

This study shows that an expectations-based optimal policy rule has desirable properties in a standard macroeconomic model incorporating a cost channel for monetary disturbances and inflation rate expectations that are partly backwardlooking. Specifically, optimal monetary policy under commitment is associated with a determinate REE that is stable under learning, whereas, under discretion, the central bank has to be sufficiently inflation averse for the equilibrium to have these properties

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Year of publication:	2007
Authors:	Bask, Mikael
Publisher:	[S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Neoklassische Synthese \| Neoclassical synthesis \| Theorie \| Theory \| Geldpolitische Transmission \| Monetary transmission \| Regelbindung versus Diskretion \| Rules versus discretion \| Kosten \| Costs \| Rationale Erwartung \| Rational expectations \| Lernprozess \| Learning process \| Inflationserwartung \| Inflation expectations \| Kleinste-Quadrate-Methode \| Least squares method

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