Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model

@inproceedings{Uribe2005OptimalIS,
  title={Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model},
  author={Stephanie Schmitt - Groh{\'e} Mart́ın Uribe},
  year={2005}
}
  • Stephanie Schmitt - Grohé Mart́ın Uribe
  • Published 2005
What is the optimal monetary policy, and how can the central bank implement it? Both questions have been extensively studied, but always in the context of simple theoretical structures, which by design are limited in their ability to account for actual observed business cycle fluctuations. This article seeks to characterize optimal monetary policy and its implementation using a medium-scale, empirically plausible model of the U.S. business cycle. The model we consider is the one developed in… CONTINUE READING
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