Asymmetric Preferences and the Stability Problem for Optimal Monetary Policy Rules
研究了在专业人士具有非对称偏好且进行适应性学习时，最优货币政策规则的稳定性。发现基于预期的规则能稳定经济，而基于基本面的规则会导致不稳定。
Abstract This paper evaluates the stability properties of optimal monetary policy rules when professionals under adaptive learning have asymmetric preferences. The asymmetric preferences require volatility estimates in real time. An expectations‐based rule can stabilize the economy, while a fundamentals‐based rule leads to instability.