The Simplest Possible Adequate Monetary Policy Model

Arnold Faden

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: I define an adequate monetary policy model as one that incorporates dynamics and uncertainty in a plausible manner. We need a state variable X that changes over time in a partially random manner, and a policy variable whose time-path is to be specified. Finally, we need an objective function.

Date: 1982-11-01
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