与有弹性钉住通货膨胀相一致的货币政策规则

Monetary Policy Rules Combined with Flexible Inflation Targeting

在与有弹性钉住通货膨胀相一致的货币政策动态优化问题中,本文将货币政策工具对不同目标变量影响的时滞引入损失函数,并分别在确定性等价条件下,以及模型参数不确定性条件下给出了最优的利率反应函数,进而讨论了模型参数以及模型参数不确定性对最优利率反应函数的影响。

In the dynamic optimization problem combined with flexible inflation targeting, the lags in the effect of the instrument of monetary policy on different target variables were introduced into loss function. The optimal interest rate reaction functions were given under certainty equivalence principle and parameter uncertainty. The effects of parameters and its uncertainty on optimal monetary policy were discussed.