search query: @indexterm OPERATIONAL RESEARCH / total: 1454
reference: 16 / 1454
| Author: | Woodford, M. |
| Title: | Optimal interest-rate smoothing |
| Journal: | Review of Economic Studies
2003 : VOL. 70:4(245), p. 861-886 |
| Index terms: | Monetary economics Interest rates Banking Operational research |
| Language: | eng |
| Abstract: | The author considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. He shows 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. |
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