The Science of Monetary Policy: A New Keynesian Perspective

Journal of Economic Literature - Tập 37 Số 4 - Trang 1661-1707 - 1999
Richard H. Clarida1, Jordi Galı́2, Mark Gertler3
1Columbia University and NBER
2New York University, Universitat Pompeu Fabra, CEPR, and NBER.
3New York University and NBER.

Tóm tắt

The paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy implicitly incorporates inflation targeting. We also characterize the gains from making a credible commitment to fight inflation. In contrast to conventional wisdom, we show that gains from commitment may emerge even if the central bank is not trying to inadvisedly push output above its natural level. We also consider the implications of frictions such as imperfect information.

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Thông tin
Thông tin xuất bản

Journal of Economic Literature

Tập 37 Số 4

1661-1707

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