Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - 2007
, Thomas Laubach, and John C. Williams ∗
April 12, 2007
Abstract
This paper examines welfare-maximizing monetary policy in an ….i.d. innovation. We abstract from trend growth in productivity. Throughout
this paper, we restrict our analysis to permanent shocks to … facing the policymaker is uncertainty regarding model parameters owing to
sample variation. We abstract from learning and …