A quantitative analysis of optimal sustainable monetary policies

Sunakawa Takeki

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A quantitative analysis of optimal sustainable monetary policies

机译：最优可持续货币政策的定量分析

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摘要

This study examines the quantitative properties of optimal sustainable monetary policies using a monetary model with a stabilization bias. As in Kurozumi (2008), the optimal sustainable policy is a strategy considered in the absence of commitment technologies; however it is implemented following an optimal quasi-sustainable policy derived by assuming that the commitment technologies are present. This study finds that solving for the policy function of the optimal quasi-sustainable policy yields a result basically identical to the Ramsey-optimal commitment policy under a set of parameters commonly used in the literature. The simulation shows two further results: policymakers have incentive to deviate from the Ramsey-optimal commitment policy when the lagged output gap is large and the optimal quasi-sustainable policy endogenously diminishes the steadfastness of policymakers' commitment. (C) 2014 Elsevier B.V. All rights reserved.

机译：本研究使用具有稳定偏差的货币模型研究了最优可持续货币政策的量化特征。就像在Kurozumi（2008）中一样，最佳可持续政策是在没有承诺技术的情况下考虑的战略。但是，它是根据假设存在承诺技术而得出的最佳准可持续策略来实施的。这项研究发现，在文献中常用的一组参数下，求解最佳拟可持续政策的政策功能所产生的结果与拉姆齐最优承诺政策基本相同。模拟显示了另外两个结果：当滞后的产出缺口较大且最佳的拟可持续政策内生地削弱了决策者承诺的坚定性时，决策者有动机偏离拉姆齐最优承诺政策。（C）2014 Elsevier B.V.保留所有权利。

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来源
《Journal of Economic Dynamics and Control》 |2015年第3期|119-135|共17页
作者
Sunakawa Takeki;
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作者单位

Univ Tokyo, Grad Sch Publ Policy, Bunkyo Ku, 7-3-1 Hongo, Tokyo 1138654, Japan;

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正文语种 eng
中图分类
关键词
Optimal monetary policy; Time inconsistency; Sustainable plans; Timeless perspective;

机译：最优货币政策;时间不一致;可持续计划;永恒视角;

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3. Optimal Sustainable Monetary Policy [J] . Takushi Kurozumi Journal of Monetary Economics . 2008,第7期

机译：最佳可持续货币政策
4. Fiscal and Monetary Policy in optimal and non-optimal currency areas: The discussion between austerity and countercyclical policy. [C] . Carlos Encinas-Ferrer International Conference on Applied Economics . 2015

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6. Planning nature in urbanized countries. An analysis of monetary and non-monetary impacts of conservation policy scenarios in the Netherlands [O] . Frans J. Sijtsma, Willem G.M. van der Bilt, Arjen van Hinsberg, 2017

机译：城市化国家的规划性质。荷兰保护政策情景的货币和非货币影响分析
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8. Simplicity versus Optimality: The Choice of Monetary Policy Rules When Agents211 Must Learn [R] . Tetlow, R. J., von zur Muehlen, P. 1999

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A quantitative analysis of optimal sustainable monetary policies

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