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Is optimal monetary policy always optimal?

Davig, Troy; Gürkaynak, Refet S. - 2015

Persistent link: https://www.econbiz.de/10011327199

Davig, Troy - 2006

The paper generalizes the Taylor principle - the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation - to an environment in which reaction coefficients in the monetary policy rule evolve...

Persistent link: https://www.econbiz.de/10012732859

Generalizing the Taylor Principle

Davig, Troy - 2013

The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve...

Persistent link: https://www.econbiz.de/10012754428

Generalizing the Taylor Principle

Davig, Troy - 2005

Persistent link: https://www.econbiz.de/10012466797

Is optimal monetary policy always optimal?

Davig, Troy; Gürkaynak, Refet S. - 2015

No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central … bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better …

Persistent link: https://www.econbiz.de/10011306110