Monetary Policy in the United States under Flexible Exchange Rates
在一个结构性开放经济宏观模型中估计和评估了浮动汇率制下美国的货币政策规则，发现稳定名义GNP增长率的规则比稳定通胀、产出或实际汇率的规则更符合数据。
This paper estimates and evaluates monetary policy rules within the context of a structural open economy macroeconomic model of the United States under flexible exchange rates. The major result is that a monetary policy rule, which stabilizes the rate of growth of nominal GNP, receives considerable empirical support. The rule provides a better fit than a number of alternatives, including strict inflation stability, strict output stability, and real exchange rate stabilization. Copyright 1989 by American Economic Association.