An Optimal Interest Rate Rule with Information from Money and Auction Markets
推导了基于金融市场信息（包括拍卖价格行为）的最优公开市场规则，并用美国数据模拟评估了该规则下经济对部门冲击的反应，发现额外指标信息对货币政策效果影响不大。
For an economy characterized by neo-Keynesian wage rigidity, an optimal open market rule is derived based on financial market information, including auction price behavior. Simulations of a small model of the United States--estimated via full information maximum likelihood together with a numerical procedure for solving dynamic, linear rational expectations models--are used to evaluate the response of the economy to sectoral shocks, given the optimal interest rate rule. In the case of three aggregate commodity price indexes studied here, the additional indicator information is unlikely to have significant impact on the performance of monetary policy. Copyright 1994 by Ohio State University Press.