Monetary policy trade-offs and the correlation between nominal interest rates and real output
构建了一个美国经济结构模型，结合价格合同、期限结构、总需求和货币政策反应函数，解释了名义利率与实际产出的相关性，并评估了近期货币政策的平衡效果。
The authors present a structural model of the U.S. economy that combines their price-contracting specification with a term-structure relationship, an aggregate demand curve, and a monetary-policy reaction function. The model matches important features of postwar data well and provides a structural explanation of the correlation between real output and the short-term nominal rate of interest. The authors perform a battery of monetary-policy experiments that show that, as viewed through the lens of this model, monetary policy has struck a good balance recently among competing monetary-policy objectives. Copyright 1995 by American Economic Association.