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Cited by 987

The DOI matches its Crossref record; 30 of the 30 references it cites were found in a registry or an index.

Optimal Monetary Policy Inertia

Open access
Woodford, Michael·1999·The Manchester School
DOI 10.1111/1467-9957.67.s1.1
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Abstract

I consider the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. I show, in the context of a simple model of optimizing private sector behaviour, that such inertial behaviour on the part of the central bank may indeed be optimal, in the sense of minimizing a loss function that penalizes inflation variations, deviations of output from potential and interest rate variability. Sluggish adjustment characterizes an optimal policy commitment, even though no such inertia would be present in the case of discretionary optimization.

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Metadata

Authors
Woodford, M.
Venue
The Manchester School
Publisher
Wiley
Published
1999-01
Volume
67
Issue
s1
Pages
1-35
ISSN
  • 0025-2034 (ISSN-L)
  • 1463-6786
  • 1467-9957
DOI
10.1111/1467-9957.67.s1.1
OpenAlex
W2148925703
Cited by
987
References
30
FWCI
135.01
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Optimal Monetary Policy Inertia. https://app.cochat.ai/papers/10.1111/1467-9957.67.s1.1
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Woodford, M. (1999). Optimal Monetary Policy Inertia. The Manchester School. https://doi.org/10.1111/1467-9957.67.s1.1

Data sources

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.