Woodford, Michael (contributor) - 2007
of forecasts other than the inflation forecast, and the degree of robustness of a desirable target criterion for monetary …
inflation
0 2 4 6 8 10 12
−5
0
5
output
0 2 4 6 8 10 12−2
−1
0
1
2 price level
= discretion = optimal
Figure 2: Impulse …