Optimal Monetary Policy under Discretion
| Authors | |
|---|---|
| Year of publication | 2003 |
| Type | Article in Proceedings |
| Conference | Mathematical Methods in Economic 2003 |
| MU Faculty or unit | |
| Citation | |
| Field | Economy |
| Keywords | monetary policy; discretion; forward-looking model; Iterative Kalman filter Smoother |
| Description | This paper shows the monetary policy problem in a theoretical framework based on the work of R. Clarida, J. Gali and M. Gertler (1999). The concept of theoretical solving of this model is described in general form at first. The behaviour of that model is then illustrated on Czech economy data. Model parameters are estimated simultaneously by the "Iterative Kalman filter Smoother". |
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