Inflation/Output Variance Trade-Offs and Optimal Monetary Policy
估计了美国货币政策制定者面临的通胀与产出缺口波动的权衡关系，发现当通胀或产出标准差低于2%时权衡变得严重，表明平衡的政策目标反应是合理的。
The author estimates the inflation/output-gap variance trade-off faced by monetary policymakers in the United States. For policymakers who care about deviations of inflation around target and output around potential, the estimated trade-off represents the 'optimal policy frontier.' Given the structure of the economy, policymakers can do no better than to attain weighted variances of inflation and output that lie on the frontier. The author finds that the variance trade-off becomes quite severe when the standard deviation of inflation or output drops much below 2 percent. This suggests that approximately balanced responses to policy goals are consistent with reasonable preferences over inflation and output variability. Copyright 1997 by Ohio State University Press.