Estimates of the Effectiveness of Monetary Policy
用多国计量模型检验不同利率规则（包括最优控制规则）和税率规则抑制经济波动的效果，结果与近期要求通胀系数大于1的模型结论截然不同。
This paper examines various interest rate rules, including rules derived by solving optimal control problems, for their ability to dampen economic fluctuations caused by random shocks. A tax rate rule is also considered. A multicountry econometric model is used for the experiments. The results differ sharply from those obtained using recent models in which the coefficient on inflation in the nominal interest rate rule must be greater than one in order for the economy to be stable. 1