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Optimal target criteria for stabilization policy

机译：稳定政策的最佳目标标准

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This paper considers a general class of nonlinear rational-expectations models in which policymakers seek to maximize an objective function that may be household expected utility. We show how to derive a target criterion that is: (i) consistent with the model's structural equations, (ii) strong enough to imply a unique equilibrium, and (iii) optimal, in the sense that a commitment to adjust the policy instrument at all dates so as to satisfy the target criterion maximizes the objective function. The proposed optimal target criterion is a linear equation that must be satisfied by the projected paths of certain economically relevant "target variables." It takes the same form at all times and generally involves only a small number of target variables, regardless of the size and complexity of the model. While the projected path of the economy requires information about the current state, the target criterion itself can be stated without reference to a complete description of the state of the world. We illustrate the application of the method to a nonlinear DSGE model with staggered price-setting, in which the objective of policy is to maximize household expected utility. (C) 2016 Elsevier Inc. All rights reserved.
机译：本文考虑了一类通用的非线性有理期望模型，决策者在其中寻求最大化可能是家庭预期效用的目标函数。我们展示了如何得出目标标准，该目标标准是：（i）与模型的结构方程式保持一致；（ii）足以暗示唯一平衡的强度；（iii）最佳，即在一定程度上调整政策工具的承诺。所有满足目标条件的日期都会使目标函数最大化。提出的最佳目标标准是一个线性方程，必须由某些与经济相关的“目标变量”的投影路径来满足。它始终采用相同的形式，并且通常仅涉及少量目标变量，而与模型的大小和复杂性无关。尽管预计的经济发展路径需要有关当前状态的信息，但是可以在不参考世界状态的完整说明的情况下陈述目标标准本身。我们举例说明了该方法在具有交错价格设定的非线性DSGE模型中的应用，其中政策的目标是最大化家庭预期效用。 （C）2016 Elsevier Inc.保留所有权利。

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