Dennis, Richard; Ravenna, Federico - Federal Reserve Bank of San Francisco - 2007
environments. Our main results are as follows. First, when monetary policy is formulated as an optimal discretionary targeting rule …
of San Francisco, 101 Market St, CA 94105, USA. Email: richard.dennis@sf.frb.org; Federico Ravenna: De-
partment of … Economics, University of California, Santa Cruz, CA 95064, USA. Email: fravenna@cats.ucsc.edu.
1. Introduction
We study an …