Last edited by Tegul
Saturday, May 9, 2020 | History

3 edition of Robustly optimal monetary policy with near-rational expectations found in the catalog.

Robustly optimal monetary policy with near-rational expectations

Woodford, Michael Professor.

Robustly optimal monetary policy with near-rational expectations

by Woodford, Michael Professor.

  • 390 Want to read
  • 27 Currently reading

Published by National Bureau of Economic Research in Cambridge, Mass .
Written in English

    Subjects:
  • Monetary policy -- Econometric models

  • Edition Notes

    StatementMichael Woodford.
    SeriesNBER working paper series -- no. 11896., Working paper series (National Bureau of Economic Research) -- working paper no. 11896.
    ContributionsNational Bureau of Economic Research.
    The Physical Object
    Pagination46 p. :
    Number of Pages46
    ID Numbers
    Open LibraryOL17628587M
    OCLC/WorldCa63180679

    Robustly Optimal Monetary Policy Kevin D. Sheedyy London School of Economics 1st May Abstract This paper analyses optimal monetary policy in response to shocks using a model that avoids making speci c assumptions about the stickiness of prices, and thus the nature of the Phillips curve. Robustly optimal monetary policy with near-rational expectations. By Michael Woodford. Get PDF ( KB) Abstract. The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely modelconsistent, and wishes to choose a policy that will Author: Michael Woodford.

    private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs close enough to model-consistency. We show how to characterize robustly optimal policy without restricting consideration a priori to a particular parametric fam-ily of candidate policy rules. Robustly Optimal Monetary Policy with Near-Rational Expectations. By Michael Woodford. Abstract. The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expecta-tions need not be precisely model-consistent, and wishes to choose a policy that will be as good as Author: Michael Woodford.

    Robustly Optimal Monetary Policy with Near-Rational Expectations. The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any Author: Michael Woodford. Optimal monetary policy is widely analyzed in the literature through New Key- nesian models (Clarida et al.,;Woodford,), which emphasize that agents™ expectations about the future are rational and somehow : Jonathan Benchimol, Lahcen Bounader.


Share this book
You might also like
U.N. Code of Conduct on Transnational Corporations

U.N. Code of Conduct on Transnational Corporations

Liguasan Marsh development master plan, 1999-2025

Liguasan Marsh development master plan, 1999-2025

Family planning in Korea

Family planning in Korea

guide to the birds of Sussex.

guide to the birds of Sussex.

Shortening of final vowels in the Rigveda.

Shortening of final vowels in the Rigveda.

Index to the Library of Congress Cataloging service bulletin, 108-125

Index to the Library of Congress Cataloging service bulletin, 108-125

Persian miniatures

Persian miniatures

Much ado about nothing.

Much ado about nothing.

select bibliography of modern history

select bibliography of modern history

Feeding of dairy cattle and buffaloes

Feeding of dairy cattle and buffaloes

Jak and Daxter

Jak and Daxter

Ring a Ring O Roses

Ring a Ring O Roses

Another country

Another country

Robustly optimal monetary policy with near-rational expectations by Woodford, Michael Professor. Download PDF EPUB FB2

NBER Program(s):Economic Fluctuations and Growth, Monetary Economics The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to by: Robustly Optimal Monetary Policy with Near-Rational Expectations By Michael Woodford* The paper considers optimal monetary stabilization policy in a forward-look ing model, when the central bank recognizes that private sector expectations need not be precisely model-consistent, and wishes to choose a policy that will.

Robustly Optimal Monetary Policy with Near-Rational Expectations By Michael Woodford* The paper considers optimal monetary stabilization policy in a forward-look-ing model, when the central bank recognizes that private sector expectations need not be precisely model-consistent, and wishes to choose a policy that willCited by:   Robustly Optimal Monetary Policy with Near-Rational Expectations by Michael Woodford.

Published in volumeissue 1, pages of American Economic Review, MarchAbstract: The paper Robustly optimal monetary policy with near-rational expectations book optimal monetary stabilization policy in a forward-looking model, when the central bank recogn. Download Citation | Robustly Optimal Monetary Policy with Near-Rational Expectations | The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank Author: Michael Woodford.

CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model.

rational expectations" and a concept of robustly optimal policy. Section 2 then characterizes the robustly optimal policy commitment. Section 3 considers, for com-parison, policy in a Markov perfect equilibrium under discretion, in order to inves-tigate the degree to which commitment improves policy in the case of near-rational expectations.

the contemplated policy | people are assumed to have near-rational expectations (NRE). But it is recognized that a range of difierent beliefs would all qualify as NRE. The policymaker is then advised to choose a policy that would not result in too bad an outcome under any NRE, i.e., a robustly optimal policy given the uncertaintyCited by: Woodford, Michael, "Robustly optimal monetary policy with near-rational expectations," CFS Working Paper Series /12, Center for Financial Studies (CFS).

Michael Woodford, "Robustly Optimal Monetary Policy with Near Rational Expectations," NBER Working PapersNational Bureau of Economic Research, Inc.

Downloadable. The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely modelconsistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency.

An extensive literature has considered the optimal conduct of monetary policy under the assumption of rational (or model-consistent) expectations. {Robustly Optimal Monetary Policy with Near-Rational Expectations}, journal = {American Economic Review}, year = {}.

Robustly Optimal Monetary Policy in a We show that robustly optimal policy can be imple- Keywords: robust control, near-rational expectations, belief distortions, target criterion Prepared for the Carnegie-Rochester-NYU Conference on Public Policy, “Robust.

COMMENT ON WOODFORD’S “ROBUSTLY OPTIMAL MONETARY POLICY WITH NEAR-RATIONAL EXPECTATIONS”3 be interpreted as shadow values in a consumer or producer optimization problem, or as prior probability weights in a decision problem.

This paper uses a modified minmax criterion. “An Example of Robustly Optimal Monetary Policy with Near-Rational Expectations.” Journal of the European Economics Association 4, (): Michael Woodford, "Robustly Optimal Monetary Policy with Near-Rational Expectations," American Economic Review, American Economic Association, vol.

(1), pagesMarch. Highlights We determine robustly optimal monetary policy in a New Keynesian model. The policy is robust to deviations of private sector expectations from “rational expectations”. Robustness concerns require greater resistance to surprise increases in by: AN EXAMPLE OF ROBUSTLY OPTIMAL MONETARY POLICY WITH NEAR-RATIONAL EXPECTATIONS Michael Woodford Columbia University Abstract This paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private- sector expectations need not be precisely model.

Robustly Optimal Monetary Policy with Near-Rational Expectations Robustly Optimal Monetary Policy with Near-Rational Expectations Woodford, Michael from it here in order to focus on a different issue.

4 Hansen and Sargent also allow for a concern with potential misspecification on the part of the leader, but in the limiting case of their setup in which Ï´ = â Author: Woodford, Michael. We consider optimal monetary stabilization policy in a New Keynesian model with explicit microfoundations, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs close enough to by: An Example of Robustly Optimal Monetary Policy with Near-Rational Expectations Article in Journal of the European Economic Association 4() Author: Michael Woodford.

Robustly Optimal Monetary Policy Kevin D. Sheedy. Abstract This paper analyses optimal monetary policy in response to shocks using a model that avoids making specific assumptions about the stickiness of prices, and thus the nature of the Phillips curve.

Nonetheless, certain robust features of the optimal monetary policy commitment are. Robustly optimal monetary policy with near-rational expectations.

The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any Author: Michael Woodford.Robustly Optimal Monetary Policy with Near Rational Expectations.

By Michael Woodford. Download PDF ( KB) Abstract. The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that Author: Michael Woodford.Enter the password to open this PDF file: Cancel OK.

File name: .