Heterogeneous Expectations, Optimal Monetary Policy, and the Merit of Policy Inertia
研究了当经济中存在理性预期和适应性预期的异质性主体时，央行实现价格稳定的最优政策设计与实施策略，发现基于预期的反应函数效果优异，但引入政策惯性后策略可操作性下降。
The design and analysis of optimal monetary policy is usually guided by the paradigm of homogeneous rational expectations. Instead, we examine the dynamic consequences of design and implementation strategies, when the actual economy features expectational heterogeneity. Agents have either rational or adaptive expectations. Consequently, the central bank's ability to achieve price stability under heterogeneous expectations depends on its objective and implementation strategy. An expectations‐based reaction function, which appropriately conditions on private sector expectations, performs exceptionally well. However, once the objective introduces policy inertia, popular strategies have similar determinacy properties, but they are less operational. This finding calls for new implementation strategies under interest rate stabilization.