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• W3123106105 abstract "Let us now conclude with a brief summary of the foregoing argument. The paper begins by reiterating that a policy rule can be activist; the distinction between rules and discretion depends upon the stage at which optimization calculations enter the policy process - in the design of a formula (rule) to be implemented each period or in each period’s (discretionary) selection of a policy action. Next, the Kydland-Prescott [1977] example is used to illustrate the tendency for discretionary monetary policy to produce more inflation than would result from a rule, with no additional employment obtained in compensation. Then a specific monetary rule is proposed, one that sets the monetary base - a controllable instrument - each period in a manner designed to keep nominal aggregate demand growing smoothly at a noninflationary rate. Some simple simulations are conducted which suggest that this rule would have worked well in the U.S., over the period 1954-1985, if it had been in effect. The basic idea is that, since economists do not understand how nominal demand changes are divided between inflation and output growth, the most useful thing that monetary policy can accomplish is to keep nominal demand growing smoothly at a noninflationary rate. This can apparently be well achieved by means of a rule such as the one proposed." @default.
• W3123106105 created "2021-02-01" @default.
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• W3123106105 date "1987-09-01" @default.
• W3123106105 modified "2023-09-27" @default.
• W3123106105 title "The case for rules in the conduct of monetary policy: A concrete example" @default.
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• W3123106105 doi "https://doi.org/10.1007/bf02707752" @default.
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