The Optimal Degree of Discretion in Monetary Policy
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https://www.nber.org/papers/w10109
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How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the
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美国国家经济研究局创建时间：
2003-11-01
