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- W2112160771 abstract "This study examines the quantitative properties of optimal sustainable monetary policies using a monetary model with a stabilization bias. As in Kurozumi (2008), the optimal sustainable policy is a strategy considered in the absence of commitment technologies; however it is implemented following an optimal quasi-sustainable policy derived by assuming that the commitment technologies are present. This study finds that solving for the policy function of the optimal quasi-sustainable policy yields a result basically identical to the Ramsey-optimal commitment policy under a set of parameters commonly used in the literature. The simulation shows two further results: policymakers have incentive to deviate from the Ramsey-optimal commitment policy when the lagged output gap is large and the optimal quasi-sustainable policy endogenously diminishes the steadfastness of policymakers' commitment." @default.
- W2112160771 created "2016-06-24" @default.
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- W2112160771 date "2013-01-01" @default.
- W2112160771 modified "2023-10-02" @default.
- W2112160771 title "A Quantitative Analysis of Optimal Sustainable Monetary Policies" @default.
- W2112160771 doi "https://doi.org/10.2139/ssrn.2274870" @default.
- W2112160771 hasPublicationYear "2013" @default.
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