Monetary Policy, Expectations and Commitment*
研究了承诺型货币政策优于相机抉择，并评估了多种利率规则能否产生理性预期均衡，且该均衡在私人部门适应性学习下稳定。
Abstract Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest‐rate reaction functions and instrument rules have been proposed to implement or approximate commitment policy. We assess these rules in terms of whether they lead to a rational expectations equilibrium that is both locally determinate and stable under adaptive learning by private agents. A reaction function that appropriately depends explicitly on private sector expectations performs particularly well on both counts.