The policy preferences of the US Federal Reserve
在货币政策最优设定的约束下，估计了美联储的政策目标函数参数，发现沃尔克任主席后隐含通胀目标约1.4%，且政策制定者重视利率平滑，该最优政策能较好描述1980-1990年代美国数据。
Abstract In this paper we model and explain US macroeconomic outcomes subject to the discipline that monetary policy is set optimally. Exploiting the restrictions that come from optimal policymaking, we estimate the parameters in the Federal Reserve's policy objective function together with the parameters in its optimization constraints. For the period following Volcker's appointment as chairman, we estimate the implicit inflation target to be around 1.4% and show that policymakers assigned a significant weight to interest rate smoothing. We show that the estimated optimal policy provides a good description of US data for the 1980s and 1990s. Copyright © 2005 John Wiley & Sons, Ltd.