摘要：This paper estimates a small New-Keynesian model with imperfect information
and optimal discretionary policy using data for the euro area.
The model is used to assess the usefulness of monetary aggregates and unit
labor costs as information variables for monetary policy. The estimates reveal
that the information content of the M3 monetary aggregate is limited.
A more useful role emerges for the unit labor cost indicator, which contains
information on potential output that helps reducing the volatility of the
output gap. Finally, the estimated weights for the objectives of monetary
policy show that a considerable importance is attributed to interest-rate
smoothing, greater than the one attributed to the output gap stabilization.
This finding indicates that the welfare gains of commitment may be smaller
than what is suggested by typical parametrizations of New-Keynesian models.
