Speed Limit Policies: The Output Gap and Optimal Monetary Policy
在新凯恩斯模型中证明，关注通胀和产出缺口变化的短视央行在相机抉择下能复制最优承诺政策，且完全优化的央行若聚焦于此也能比通胀目标制取得更好的社会效果。
In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank imparts inertia into output and inflation that is absent under pure discretion. Even a fully optimizing (i.e., non-myopic) central bank operating in a discretionary policy environment achieves better social outcomes if it focuses on inflation and changes in the output gap than are achieved under inflation targeting.(This abstract was borrowed from another version of this item.)