Title

Evaluating Alternative Monetary Policy Rules

Document Type

Discussion Paper

Publication Date

2-1-1995

CFDP Number

1091

CFDP Pages

21

Abstract

This paper examines monetary policy from an optimal control perspective. Three loss functions are minimized for each of three models, and the results are compared. The three loss functions target nominal growth, real growth, and inflation, respectively. The three models are a small structural model, a VAR model, and a large structural model. A numerical procedure is presented that can handle a variety of loss functions and models.

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