Damjanovic, T., Damjanovic, V. and Nolan, C. (2015) Ordering Policy Rules with an Unconditional Welfare Measure. International Journal of Central Banking, 11(1), pp. 103-149.
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Publisher's URL: http://www.ijcb.org/journal/ijcb15q1a4.htm
Abstract
The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. This paper provides a detailed analysis of such policies. It sets out the unconditionally optimal (UO) policy problem and derives a linear-quadratic (LQ) version of that problem that approximates the exact non-linear problem. The properties of UO policies are analyzed through a series of examples and contrasted with the timeless perspective (TP), exposited in Benigno and Woodford (2012). Some substantive implications for optimal monetary policy are explored.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Nolan, Professor Charles and Damjanovic, Professor Tatiana |
| Authors: | Damjanovic, T., Damjanovic, V., and Nolan, C. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | International Journal of Central Banking |
| Publisher: | The Association of the International Journal of Central Banking |
| ISSN: | 1815-4654 |
| ISSN (Online): | 1815-7556 |
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