Economics, Econometrics and Finance
4 years ago

Optimal monetary policy design boosts economy and fights inflation effectively.

Journal of Economic Literature
The Science of Monetary Policy: A New Keynesian Perspective
Richard H. Clarida, Jordi Galı́, Mark Gertler

Paper Summary

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The article discusses how to set monetary policy rules effectively. It looks at how to design policies to control inflation and stabilize the economy. The researchers find that committing to fighting inflation can bring benefits, even without trying to boost output. They also explore how factors like imperfect information can affect policy decisions.