Evaluating Alternative Monetary Policy Rules

Ray Fair () and E. Philip Howrey
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E. Philip Howrey: University of Michigan

No 1091, Cowles Foundation Discussion Papers from Cowles Foundation, Yale University

Abstract: This paper examines monetary policy from an optimal control perspective. Three loss functions are minimized for each of three models, and the results are compared. The three loss functions target nominal growth, real growth, and inflation, respectively. The three models are a small structural model, a VAR model, and a large structural model. A numerical procedure is presented that can handle a variety of loss functions and models.

Date: 1995-02
Note: CFP 940.
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Published in Journal of Monetary Economics (1996), 38: 173-193

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Related works:
Journal Article: Evaluating alternative monetary policy rules (1996)
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