Interest Rate Rules for Monetary Policy

本项目主要研究货币政策替代规则的理论分析。 更具体地说，其目的是更好地理解政策规则的后果，这些规则涉及使用短期利率作为货币当局在短期内制定政策的工具。 该项目还将考虑利率平滑与其他政策目标的冲突程度，包括价格水平稳定以及产出和就业的稳定。 这项研究旨在使货币经济学的理论文献与当代货币政策的问题更紧密地联系起来。 迄今为止，理论文献在很大程度上是从货币总量的替代路径来设想货币政策的，货币总量被视为在货币当局的直接控制之下。 但是，尽管央行政策的学术批评者经常鼓吹这种操作程序，但央行很少以这种方式运作。 最近，美国联邦已经不再使用货币总量作为政策指南，即使是作为中间目标。 迫切需要从理论上了解目前正在使用或设想的各种程序的性质。 ***

This project is concerned with the theoretical analysis of alternative rules for monetary policy. More specifically, the aim is to better understand the consequences of policy rules that involve use of a short-term interest rate as the instrument in terms of which the monetary authority formulates its policy over short periods of time. The project will also consider the extent to which interest-rate smoothing conflicts with other aims of policy, including both price-level stabilization and stabilization of output and employment. The research seeks to bring the theoretical literature in monetary economics into closer contact with the problems of contemporary monetary policy. The theoretical literature to date has largely conceived of monetary policy in terms of alternative paths for a monetary aggregate, which is treated as being under the direct control of the monetary authority. But, while operating procedures of that sort have often been advocated by academic critics of central bank policies, central banks have seldom operated in that way. Recently the U.S. Federal Reserve has ceased to use monetary aggregates as guides to policy, even in the role of intermediate targets. A theoretical understanding of the properties of the kinds of procedures currently being used or contemplated is badly needed. ***