Optimal Monetary Policy under Uncertainty

Abstract

Contents: Preface Part I: Imperfect Information, Responses to Shocks, and Credibility Issues 1. Introduction, Part I 2. A Basic Model and Some Early Results 3. The Strategy of Monetary Policy: Targets, Instruments and Information Variables 4. A Variable Price Level, Supply Shocks and Rational Expectations 5. Optimal Monetary and Exchange Rate Policy in the Open Economy 6. Monetary Policy Credibility Part II: Recent Developments in Monetary Policy 7. Introduction, Part II 8. The Phillips Curve: Recent Incarnations 9. The Forward-Looking Model: The Closed Economy 10. The Forward-Looking Model: Additional Topics 11. The Forward-Looking Model: The Open Economy 12. The New Keynesian Model: The Backward-Looking Case References Index