Optimal Monetary Policy

Optimal monetary policy maximizes the welfare of a representative agent, given frictions in the economic environment. Constructing a model with two sets of frictions—costly price adjustment by imperfectly competitive firms and costly exchange of wealth for goods—we find optimal monetary policy is go...

Ausführliche Beschreibung

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Veröffentlicht in:	The Review of economic studies 2003-10, Vol.70 (4), p.825-860
Hauptverfasser:	Khan, Aubhik, King, Robert G., Wolman, Alexander L.
Format:	Artikel
Sprache:	eng
Schlagworte:	Credit E31 E43 E52 Economic models Economic policy Inflation rates Monetary policy Money demand Nominal interest rates Optimal policy Price distortions Price levels
Online-Zugang:	Volltext
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