Inflation, Employment, and Monetary Policy: Objectives and Outcomes in the UK and U.S. Compared
研究了央行对通胀和经济活动的不同偏好如何影响货币政策，发现美联储和英格兰银行虽目标不同但政策相似，且多种权重组合可导致类似政策。
This paper explores how sensitive is monetary policy to the precise preferences of the central bank over inflation and economic activity. It does so in order to address a puzzle—which is that the U.S. Fed and the Bank of England appear to have quite different objectives and yet have adopted strikingly similar policies in recent years. I use a calibrated model to assess how policy might be sensitive to attaching different weights to inflation, output, and the output gap in central bank objectives. I find that a wide range of weights can give rise to rather similar monetary policies.