Optimal Monetary Policy Under Bounded Rationality

Optimal Monetary Policy Under Bounded Rationality
The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia regarding the output gap, revenue, or interest rate. To... READ MORE...

Publication date: August 2019
ISBN 9781498324588
$18.00

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