Blar i Arbeidsnotater / Working Papers på emneord "discretion"
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Loose Commitment in Medium-Scale Macroeconomic Models: Theory and an Application
(Working Papers;25/2010, Working paper, 2010)This paper proposes a method and a toolkit for solving optimal policy with imperfect commitment in linear quadratic models. As opposed to the existing literature, our method can be employed in medium- and large-scale models ... -
When Preferences for a Stable Interest Rate Become Self-Defeating
(Working Papers;8/2016, Working paper, 2016)Monetary policy makers often seem to have preferences for a stable interest rate, in addition to stable inflation and output. In this paper we investigate the implications of having an interest rate level term in the loss ...