Professor Tatiana Damjanovic tatiana.damjanovic@durham.ac.uk
Professor
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.
Damjanovic, T., Damjanovic, V., & Nolan, C. (2015). Ordering Policy Rules with an Unconditional Welfare Measure. International journal of central banking, 11(1), 103-149
Journal Article Type | Article |
---|---|
Online Publication Date | Jan 31, 2015 |
Publication Date | Jan 1, 2015 |
Deposit Date | Apr 15, 2015 |
Publicly Available Date | Nov 14, 2017 |
Journal | International Journal of Central Banking |
Print ISSN | 1815-4654 |
Electronic ISSN | 1815-7556 |
Publisher | Association of the International Journal of Central Banking |
Peer Reviewed | Peer Reviewed |
Volume | 11 |
Issue | 1 |
Pages | 103-149 |
Public URL | https://durham-repository.worktribe.com/output/1443149 |
Publisher URL | http://www.ijcb.org/journal/ijcb15q1a4.htm |
Published Journal Article
(618 Kb)
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