English, Article, Journal or magazine article edition: Should optimal discretionary monetary policy look at money? Andreas Hornstein; Michael Dotsey

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Bookmark: http://trove.nla.gov.au/version/74914
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Should optimal discretionary monetary policy look at money?
Author
  • Andreas Hornstein
  • Michael Dotsey
Physical Description
  • preprint
Notes
  • This paper examines whether monetary indicators are useful in implementing optimal discretionary monetary policy when the policy maker has incomplete information about the environment. We find that money does not contain useful information for the policy maker, if we calibrate the model to the U.S. economy. If money demand were to be appreciably less variable, observations on money could be useful in response to productivity shocks but would be harmful in response to money demand shocks. We provide an incomplete information example where equilibrium welfare declines when the money demand volatility decreases.
  • Monetary policy ; Banks and banking, Central
  • RePEc:fip:fedrwp:02-04
Language
  • English
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