Athey, Susan (contributor); Atkeson, Andrew (contributor); … - 2002 - [Elektronische Ressource]
,µ(θ),θ).IntegratingU
0
(θ) implies
U(θ)=U(θ)+
Z
θ
θ
R
θ
(x,µ(z),z)dz = U(
¯
θ)−
Z
¯
θ
θ
R
θ
(x,µ(z),z)dz.(20)
Using integration by parts it …Federal Reserve Bank of Minneapolis
Research Department
The Optimal Degree of Discretion in
Monetary Policy
∗
Susan … constrain the discretion of the monetary authority in setting
monetary policy. Canzoneri (1985) argues that when the monetary …