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150128 ||| eng |
| 020 |
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|a 9781451952575
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| 245 |
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|a Monetary Policy Strategies
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1988
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| 300 |
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|a 28 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Inflation
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| 653 |
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|a Banks
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| 653 |
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|a Banks and banking
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| 653 |
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|a Monetary economics
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| 653 |
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|a Deflation
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| 653 |
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|a Purchasing power parity
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Exchange rate adjustments
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| 653 |
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|a Monetary aggregates
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| 653 |
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|a Currency
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| 653 |
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|a Mortgages
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| 653 |
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|a Money
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| 653 |
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|a Money supply
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| 653 |
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|a Price Level
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Exchange rates
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| 653 |
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|a Price stabilization
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Foreign exchange
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| 710 |
2 |
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|a International Monetary Fund
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781451952575.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1988/088/001.1988.issue-088-en.xml?cid=28862-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a The paper considers the merits of rules and discretion for monetary policy when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. It is argued that when it is costly to delay policy reactions to seldom-experienced shocks until formal algorithmic learning has been accomplished, and when time consistency problems are significant, a mixed strategy that combines a simple verifiable rule with discretion is attractive. The paper also discusses mechanisms for mitigating credibility problems and emphasizes that arguments against various types of simple rules lose their force under a mixed strategy
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