Scandinavian Working Papers in Economics

Seminar Papers,
Stockholm University, Institute for International Economic Studies

No 666: Optimal Monetary Policy Inertia

Michael Woodford
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Michael Woodford: Princeton University

Abstract: No

Keywords: commitment; discretion; interest-rate smoothing; monetary policy rules; forward-looking models; natural rate of interest

JEL-codes: E52

112 pages, November 3, 2000

Note: A later version of the paper is also available as NBER working paper no. 7261, July 1999, and at the author's web page at

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