The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Optimal Interest-Rate Smoothing
Abstract
This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behaviour, that assignment of an interest-rate smoothing objective to the central bank may be desirable, even when reduction of the magnitude of interest-rate changes is not a social objective in itself. This is because a response of policy to “irrelevant” lagged variables may be desirable owing to the way it steers private-sector expectations of future policy.
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Citations
Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
The Optimal Degree of Commitment to an Intermediate Monetary Target
Rogoff, K. (1985) · The Quarterly Journal of Economics · doi:10.2307/1885679 · Cited by 3,688
Cited by
Blanchard, O. J., & Riggi, M. (2013) · Journal of the European Economic Association · doi:10.1111/jeea.12029 · Cited by 363
Why Inflation Rose and Fell: Policy-Makers' Beliefs and U. S. Postwar Stabilization Policy*
Primiceri, G. E. (2006) · Quarterly Journal of Economics · doi:10.1162/qjec.121.3.867 · Cited by 285
Metadata
- Authors
- Woodford, M.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2003-10
- Volume
- 70
- Issue
- 4
- Pages
- 861-886
- ISSN
- 0034-6527 (ISSN-L)
- 1467-937X
- OpenAlex
- W2081102312
- Cited by
- 480
- References
- 2
- FWCI
- 39.82
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Optimal Interest-Rate Smoothing. https://app.cochat.ai/papers/10.1111/1467-937x.00270
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- Woodford, M. (2003). Optimal Interest-Rate Smoothing. The Review of Economic Studies. https://doi.org/10.1111/1467-937x.00270
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
