The B.E. Journal of Macroeconomics
Editor-in-Chief: Cavalcanti, Tiago / Kambourov, Gueorgui
Ed. by Abraham, Arpad / Carceles-Poveda , Eva / Debortoli, Davide / Lambertini, Luisa / Nimark, Kristoffer / Wang, Pengfei
2 Issues per year
IMPACT FACTOR 2017: 0.378
5-year IMPACT FACTOR: 0.462
CiteScore 2017: 0.62
SCImago Journal Rank (SJR) 2017: 0.553
Source Normalized Impact per Paper (SNIP) 2017: 0.605
Implementing Optimal Monetary Policy in New-Keynesian Models with Inertia
We consider optimal monetary policy in New Keynesian models with inertia due to lagged effects of inflation and output. We characterize the conditions for the unconditionally optimal equilibrium and compare them with those identifying optimality from the timeless perspective. Implementation of optimal policy is considered via construction of suitable interest-rate rules. We characterize the collection of all interest-rate rules consistent with the optimal equilibrium, and we identify among them an expectations-based rule that guarantees uniqueness and stability under learning.
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