Informational Implications of Interest Rate Rules
在理性预期宏观模型中比较利率规则与货币供应规则，发现利率目标会影响市场价格的信息含量和实际经济活动，但可通过适当的货币存量规则复制；当政策当局信息不完全时，需在利率钉住与严格货币存量控制间做出选择。
Returning to a topic first systematically treated by Poole (1970) in a textbook Keynesian model, this paper compares interest rate and money supply rules. Our analysis, by contrast, is conducted within a rational expectations macro model that incorporates flexible prices and informational frictions. With differential information, interest rate targets can affect the information content of market prices and real activity, but these real consequences can always be replicated by an appropriately chosen money stock rule with feedback to economic activity. However, when the policy authority has incomplete information about the state of the economic system, it faces a discrete choice between an interest rate peg and strict money stock control. Depending on the parameters of the model, either of these policies may be optimal, given the informational constraints faced by the monetary authority.