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Evaluating Alternative Monetary Policy Rules Author info | Abstract | Publisher info | Download info | Related research | Statistics Ray C. Fair () (Cowles Foundation, Yale University )
E. Philip Howrey (University of Michigan)
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This paper examines monetary policy from an optimal control perspective. Three loss functions are minimized for each of three models, and the results are compared. The three loss functions target nominal growth, real growth, and inflation, respectively. The three models are a small structural model, a VAR model, and a large structural model. A numerical procedure is presented that can handle a variety of loss functions and models.
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Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number
1091.
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Length: 21 pages
Date of creation: Feb 1995Date of revision:
Publication status: Published in Journal of Monetary Economics (1996), 38: 173-193Handle: RePEc:cwl:cwldpp:1091Note: CFP 940.Contact details of provider: Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA Phone: (203) 432-3702 Fax: (203) 432-6167 Web page: http://cowles.econ.yale.edu/ More information through EDIRC
Order Information: Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
For technical questions regarding this item, or to correct its listing, contact: (Glena Ames).
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