Publication details

Optimal Monetary Policy under Discretion

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Authors

PYTELOVÁ Hana

Year of publication 2003
Type Article in Proceedings
Conference Mathematical Methods in Economic 2003
MU Faculty or unit

Faculty of Economics and Administration

Citation
Field Economy
Keywords monetary policy; discretion; forward-looking model; Iterative Kalman filter Smoother
Description This paper shows the monetary policy problem in a theoretical framework based on the work of R. Clarida, J. Gali and M. Gertler (1999). The concept of theoretical solving of this model is described in general form at first. The behaviour of that model is then illustrated on Czech economy data. Model parameters are estimated simultaneously by the "Iterative Kalman filter Smoother".
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