The Central Bank Inflation Bias in the Presence of Asymmetric Preferences and Non-Normal Shocks

George Christodoulakis () and David Peel
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George Christodoulakis: Manchester Business School, University of Manchester

Economics Bulletin, 2009, vol. 29, issue 3, 1608-1620

Abstract: We investigate the nature of the inflation bias in a model that exhibits asymmetries in preferences and non–normality in shocks but simplifies to the classic Barro-Gordon problem as a special case. The inflation bias is shown to depend on the trade-off between preference, structural and the scale and shape parameters of the model.

JEL-codes: E5 (search for similar items in EconPapers)
Date: 2009-07-07
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