NDLI: Revising intermediate monetary policy targets

Content Provider	IEEE Xplore Digital Library
Author	Conrad, W.E. Roberts, S.M.
Copyright Year	1976
Description	Author affiliation: Board of Governors of the Federal Reserve System, Washington, DC (Conrad, W.E.; Roberts, S.M.)
Abstract	This study examines the relationship between the use of monetary aggregates as intermediate targets in stabilization policy and the appropriate monetary policy response to past deviations in the aggregates from their target levels. As a first step, the optimal money stock is related to ultimate targets-such as full employment and price stability-in the context of a stabbilization policy derived as the solution to the Linearquadrati-Gaussian optimal control problem. Then the economy is perturbed by shocks to both the real and financial sectors, leading to deviations in the money stock from its tsrget values. The optimal responses to these shocks and the resulting money stock deviations are examined and compared to responses based on two alternative monetary policy mechanisms: a monetarist type and a stylized version of the procedure adopted by the monetary authority pursuant to House Concurrent Resolution 133.
Starting Page	318
Ending Page	323
File Size	533558
Page Count	6
File Format	PDF
DOI	10.1109/CDC.1976.267752
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	1976-12-01
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Aggregates Statistics Employment Stability Optimal control Electric shock Centralized control Control systems Tires Current measurement
Content Type	Text
Resource Type	Article

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