Optimal Choice of Monetary Policy Instruments: An Optimal Control Simulation With Var for Japan
1986-01
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Optimal Choice of Monetary Policy Instruments: An Optimal Control Simulation With Var for Japan
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1986-01
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Center for Economic Research, Department of Economics, University of Minnesota
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Working Paper
Abstract
The paper analyzes the effective method of monetary control
by estimating a vector autoregressive model of three variables,
GNP, money supply, and short-term interest rates, and conducting
dynamic optimal control simulation for Japan. The result indicates
that active monetary control with any monetary policy
instruments is better than passive monetary control which keeps
certain monetary instruments constant. Among active monetary
policy, money supply control turns out to be better than interest
rate control. Yet, it appears to be more feasible to follow
active interest rate control.
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Previously Published Citation
Komura, C., (1986), "Optimal Choice of Monetary Policy Instruments: An Optimal Control Simulation With Var for Japan", Discussion Paper No. 227, Center for Economic Research, Department of Economics, University of Minnesota.
Suggested citation
Komura, Chikara. (1986). Optimal Choice of Monetary Policy Instruments: An Optimal Control Simulation With Var for Japan. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55497.
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