What is the optimal monetary policy, and how can the central bank implement it? Both questions have been extensively studied, but always in the context of simple theoretical structures, which by design are limited in their ability to account for actual observed business cycle fluctuations. This article seeks to characterize optimal monetary policy and its implementation using a medium-scale, empirically plausible model of the U.S. business cycle.
Attribution-NonCommercial-NoDerivs 3.0 Chile
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