期刊名称：Discussion Paper Series / Department of Economics, New York University
出版年度：2006
卷号：1
出版社：New York University
摘要：The paper considers optimal monetary stabilization policy in a forward-
looking model, when the central bank recognizes that private-sector expecta-
tions 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 in°ation target is una®ected by the
degree of potential distortion of beliefs, and that optimal policy is even more
history-dependent than if rational expectations are assumed.
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