Optimal Interest-Rate Smoothing
Optimal Interest-Rate Smoothing
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最优利率平滑
DOI：
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发表时间：
2003
期刊：
影响因子：
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通讯作者：
M. Woodford
中科院分区：
文献类型：
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作者：
M. Woodford
本文考虑了中央银行只根据经济条件的变化逐步调整利率的趋势的可取性。它表明，在一个简单的模型优化私营部门的行为，利率平滑的目标分配给中央银行可能是可取的，即使降低利率变化的幅度本身并不是一个社会目标。这是因为政策对“不相关”的滞后变量的反应可能是可取的，因为它可以引导私营部门对未来政策的预期。版权所有2003年，威利-布莱克威尔。
This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behaviour, that assignment of an interest-rate smoothing objective to the central bank may be desirable, even when reduction of the magnitude of interest-rate changes is not a social objective in itself. This is because a response of policy to "irrelevant" lagged variables may be desirable owing to the way it steers private-sector expectations of future policy. Copyright 2003, Wiley-Blackwell.