Optimal Monetary Policy Under Bounded Rationality is popular PDF and ePub book, written by Jonathan Benchimol in 2019-08-02, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Optimal Monetary Policy Under Bounded Rationality can be Read Online from any device for your convenience.
Optimal Monetary Policy Under Bounded Rationality Book PDF Summary
The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia regarding the output gap, revenue, or interest rate. To the extent that bygones are not bygones under price level targeting, rational inflation expectations is a minimal condition for optimality in a behavioral world. Instrument rules implementation of this optimal policy is shown to be infeasible, questioning the ability of simple rules à la Taylor (1993) to assist the conduct of monetary policy. Bounded rationality is not necessarily associated with welfare losses.
Detail Book of Optimal Monetary Policy Under Bounded Rationality PDF
- Author : Jonathan Benchimol
- Release : 02 August 2019
- Publisher : International Monetary Fund
- ISBN : 9781513511344
- Genre : Business & Economics
- Total Page : 52 pages
- Language : English
- PDF File Size : 19,8 Mb
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