monetary policy, corresponding to that of a central planner maximizing households' welfare, aims to mitigate financial …, that in the presence of productivity, financial, and demand shocks, optimal monetary policy significantly improves …, in addition to inflation and output gaps, can reproduce the welfare achieved under optimal monetary policy. However, this …

lessons for monetary policy strategy and its communication. All three central banks provided appropriate accommodation during …

central banks to normalize monetary policy, as well as to revise their best practices, motivate this paper. Its aim is to … offer a review of the evolution of the modern concept of flexible monetary policy rules, from the seminal contribute of …