dc.contributor.author | Damjanovic, Tatiana | |
dc.contributor.author | Damjanovic, Vladislav | |
dc.contributor.author | Nolan, Charles | |
dc.date.accessioned | 2015-02-25T10:46:27Z | |
dc.date.issued | 2015-01 | |
dc.description.abstract | The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. This paper provides a detailed analysis of such policies. It sets out the unconditionally optimal (UO) policy problem and derives a linear-quadratic (LQ) version of that problem that approximates the exact non-linear problem. The properties of UO policies are analyzed through a series of examples and contrasted with the timeless perspective (TP), exposited in Benigno and Woodford (2012). Some substantive implications for optimal monetary policy are explored. | en_GB |
dc.identifier.citation | Vol. 11, No.1,103-149 | en_GB |
dc.identifier.uri | http://hdl.handle.net/10871/16396 | |
dc.language.iso | en | en_GB |
dc.publisher | International Journal of Central Banking | en_GB |
dc.relation.url | http://www.ijcb.org/index.html | en_GB |
dc.subject | social welfare | en_GB |
dc.subject | macroeconomic policy | en_GB |
dc.title | Ordering policy rules with an unconditional welfare measure | en_GB |
dc.type | Article | en_GB |
dc.date.available | 2015-02-25T10:46:27Z | |
dc.identifier.issn | 1815-4654 | |
dc.description | types: Article | en_GB |
dc.description | Online access to the publication is available free of charge at www.ijcb.org | en_GB |
dc.identifier.eissn | 1815-7556 | |
dc.identifier.journal | International Journal of Central Banking | en_GB |