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| Tekijä: | Amato, J.D. Laubach, T. |
| Otsikko: | Rule-of-thumb behaviour and monetary policy |
| Lehti: | European Economic Review
2003 : OCT, VOL. 47:5, p. 791-831 |
| Asiasana: | Monetary policy Finance Inflation Consumers |
| Kieli: | eng |
| Tiivistelmä: | This study investigates the implications of rule-of-thumb behaviour by consumers or price setters for optimal monetary policy and simple interest rate rules. This behaviour leads to endogenous persistence in output and inflation and alters the policymaker's welfare objective. The main finding is that highly inertial policy is optimal regardless of what fraction of agents occasionally follow a rule of thumb. It is also found that a first-difference version of Taylor's (CarnegieĀRochester Conf. Ser. Public Policy (1993), vol. 39, p. 195Ā214) rule generally has desirable properties. |
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