Comments on 'Robustly optimal monetary policy in a microfounded New Keynesian model' by K. Adam and M. Woodford

摘要

Adam and Woodford provides an analytical approach to compute optimal policy commitments where the policy maker is uncertain about how the private sector forms beliefs. The approach here is quite general, and should prove to be useful to many economic models. Woodford (2010) solves for the optimal commitment in a more reduced form New Keynesian model with restrictions on the form of the optimal policy commitment, and here Adam and Woodford have extended that analysis to a microfounded New Keynesian economy with a general policy commitment.