TY  - UNPD
A1  - Woodford, Michael
T1  - Robustly optimal monetary policy with near-rational expectations
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2007,12
N2  - The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy, that the optimal long-run inflation target is unaffected by the degree of potential distortion of beliefs, and that optimal policy is even more history-dependent than if rational expectations are assumed. JEL Classification: E52, E58, E42
T3  - CFS working paper series - 2007, 12 
KW  - Optimal Monetary Policy
KW  - Commitment
KW  - History-Dependent Policy
KW  - Geldpolitik
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/1609
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-38229
IS  - December 13, 2005
ER  -