Optimal Control of the Money Supply
(796 K)
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Robert B. Litterman
NBER Working Paper No. 912
Issued in June 1982
NBER Program(s): EFG
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.
Published: Quarterly Review, Federal Reserve Bank of Minneapolis, Fall 1982, 6(3): 1-9.
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