Interest Rate Rules for Monetary Policy

这个项目是关于货币政策的替代规则的理论分析。更具体地说，其目的是更好地了解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的政策规则的后果。该项目还将考虑利率平滑与其他政策目标的冲突程度，包括稳定价格水平和稳定产出和就业。本研究旨在将货币经济学的理论文献与当代货币政策问题更紧密地联系起来。迄今为止的理论文献主要是根据货币总量的替代路径来构想货币政策，货币总量被视为在货币当局的直接控制之下。但是，尽管批评央行政策的学术人士经常提倡这种操作程序，但央行很少以这种方式运作。最近，美国联邦储备委员会（Federal Reserve）已不再使用货币总量作为政策指导，即使是作为中间目标。迫切需要对目前正在使用或正在考虑的各种程序的性质有一个理论上的了解。＊＊＊

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. ***