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Creator: Litterman, Robert B. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 200 Abstract:
Using optimal control theory and a vector autoregressive representation of the relationship between money and interest rates one can derive a feedback control procedure which defines the best possible tradeoff between interest rate volatility and money supply fluctuations and which could be used to reduce both from their current levels.
Palabra clave: Control theory, Inflation, Federal Reserve Bank, Optimal control theory, and Time series analysis Tema: E51 - Money Supply; Credit; Money Multipliers, E40 - Money and Interest Rates: General, and E58 - Central Banks and Their Policies