Yuan, Huiping; Miller, Stephen M. - Department of Economics, University of Nevada-Las Vegas - 2009
optimal monetary policy, committing to the social loss function, using discretion with the central bank long-run and short …-run loss functions, and following monetary policy rules. The same outcomes emerge from these different policymaking methods … welfare. In conclusion, the social loss function, the central bank long-run and short-run loss functions, and monetary policy …