Richmond Fed's Economic Quarterly, Spring 2006

The Federal Reserve Bank of Richmond has published its Economic Quarterly for Spring 2006. The latest issue includes the article 'Implementation of optimal monetary policy'.

Optimal monetary policy analysis can be viewed as a constrained optimization problem: the policymaker chooses a competitive equilibrium allocation that maximizes social welfare among the set of all feasible competitive equilibrium allocations. Part of the solution to this problem is a monetary policy rule that determines how

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