Optimal Weights in a Check‐List of Monetary Indicators

Peter J. Stemp

The Economic Record, 1991, vol. 67, issue 1, 1-13

Abstract: A stylized representation of the check‐list approach to monetary policy is developed. In order to examine this approach in a formal framework the literature on optimal money supply rules is extended with the check‐list being interpreted as an optimal money supply rule that depends on many variables and attempts to keep the economy on a preplanned path despite unexpected shocks. The strengths and weaknesses of the check‐list approach are then examined

Date: 1991
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