The Science of Monetary Policy: A New Keynesian Perspective
回顾了货币政策规则的最新文献，在简单基准理论框架下阐述政策设计问题，并考虑现实复杂因素，证明最优政策隐含通胀目标制，以及承诺对抗通胀的收益。
The paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy implicitly incorporates inflation targeting. We also characterize the gains from making a credible commitment to fight inflation. In contrast to conventional wisdom, we show that gains from commitment may emerge even if the central bank is not trying to inadvisedly push output above its natural level. We also consider the implications of frictions such as imperfect information.