Optimal monetary policy: what we know and what we don’t know

Narayana Kocherlakota

Quarterly Review, 2005, vol. 29, issue Oct, 10-19

Abstract: In this article, I examine the current state of knowledge about optimal monetary policy. I distinguish between two literatures, basic and applied. The basic literature is explicit about the frictions that generate a positive value for money and make it socially beneficial. The applied literature is not. I describe the recent lessons about monetary policy that we have learned from each literature and discuss how the two distinct approaches may be usefully combined.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (12)

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Journal Article: OPTIMAL MONETARY POLICY: WHAT WE KNOW AND WHAT WE DON'T KNOW (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmqr:y:2005:i:oct:p:10-19:n:v.29no.1

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