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IMF working paper ;.
Optimal monetary policy under bounded rationality. — WP/19/166. / by Jonathan Benchimol and Lahcen Bounader. — 1 online resource (53 pages). — (IMF Working Paper). — <URL:http://elib.fa.ru/ebsco/2242525.pdf>.

Record create date: 9/7/2019

Subject: Monetary policy — Mathematical models.; Monetary policy — Mathematical models.

Collections: EBSCO

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Table of Contents

  • Cover
  • Optimal Monetary Policy Under Bounded Rationality
    • 1 Introduction
    • 2 The model
      • 2.1 Households
      • 2.2 Firms
      • 2.3 Welfare-relevant model
    • 3 Methodology
      • 3.1 Myopia parameters
      • 3.2 Calibration
      • 3.3 Optimal policy
    • 4 Commitment
      • 4.1 Analytical solution
      • 4.2 Simulation and welfare
    • 5 Discretion
      • 5.1 Analytical solution
      • 5.2 Simulation and welfare
    • 6 Simple rules
      • 6.1 Optimal coecoefficient values
      • 6.2 Which rule best describes the first best solution?
    • 7 Discussion
    • 8 Policy implications
    • 9 Conclusion
    • References
    • 10 Appendix
    • A Derivations
      • A.1 IS curve
      • A.2 Phillips curve
      • A.3 Natural output
      • A.4 E¢ cient interest rate
      • A.5 Welfare loss
      • B Robustness check
      • B.1 Model calibrations
      • B.2 Myopia calibrations

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