Die Zeitpräferenz der Zentralbank als strategische Handlungsalternative bei der Ausgestaltung von Geldpolitikmustern im Reputationsgleichgewicht
Swiss Journal of Economics and Statistics (SJES), 1995, vol. 131, issue II, 227-246
In the present paper a Barro-Gordon model of monetary policy with asymmetric information is considered. Since monetary policy formation is an ongoing process with repeated interactions between the central bank and the private sector, game-theoretic methodology is the appropriate tool to analyse the problem of reputation as a repeated game. It is shown, that in a sequential equilibrium, which describes the policy actions, the time preference selection by the players has an important influence on the development of the real economy.
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Persistent link: https://EconPapers.repec.org/RePEc:ses:arsjes:1995-ii-4
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