The Simplest Possible Adequate Monetary Policy Model

Date
1982-11-01
Authors
Faden, Arnold
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Altmetrics
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Economics
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Economics
Abstract

I define an adequate monetary policy model as one that incorporates dynamics and uncertainty in a plausible manner. We need a state variable X that changes over time in a partially random manner, and a policy variable whose time-path is to be specified. Finally, we need an objective function.

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