Optimal Control of the Money Supply

Robert Litterman

No 912, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Using optimal control theory and a vector autoregressive representation of the relationship between money and interest rates, one can derive a feedback control procedure which defines the best possible tradeoff between interest rate volatility and money supply fluctuations and which could be used to reduce both from their current levels.

Date: 1982-06
Note: EFG
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Working Paper: Optimal control of the money supply (1983)
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