Politica monetaria, produzione e problemi di incoerenza temporale

Antonello Scorcu

Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna

Abstract: This work extends the analysis of time inconsistency in monetary policy to the case of serial correlation in the level of production. In the one-shot discretionary equilibrium Inflation is higher than in the Barro-Gordon case. Over an infinite horizon, output persistence makes the conditions for a reputational equilibrium more likely to be met.

Date: 1991-04
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Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:110

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