Evaluating alternative monetary policy rules
从最优控制视角，在五个模型（两个小型结构模型、两个VAR模型和一个大型结构模型）中最小化五种损失函数（分别针对通胀、失业、名义增长和实际增长），比较不同货币政策规则的效果。
This paper examines monetary policy from an optimal control perspective. Five loss functions are minimized for each of five models, and the results are compared. The basic ('true') loss function targets inflation and unemployment. The other loss functions target, respectively, inflation alone, unemployment alone, nominal growth alone, and real growth alone. The five models are two small structural models, two VAR models, and a large structural model. A numerical procedure is presented that can handle a variety of loss functions and models.