Optimal Interest-Rate Smoothing
用一个简单的私人部门最优化行为模型，说明央行逐步调整利率的做法可能是可取的，即使缩小利率变动幅度本身并非社会目标，因为对“无关”滞后变量的政策反应能引导私人部门对未来政策的预期。
This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behaviour, that assignment of an interest-rate smoothing objective to the central bank may be desirable, even when reduction of the magnitude of interest-rate changes is not a social objective in itself. This is because a response of policy to "irrelevant" lagged variables may be desirable owing to the way it steers private-sector expectations of future policy. Copyright 2003, Wiley-Blackwell.