Endogenous time-dependent rules and the costs of disinflation with imperfect credibility

Marco Bonomo and Carlos Carvalho

No 505, FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) from EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil)

Abstract: This paper examines the output effects of monetary disinflation in a model with endogenous time-dependent pricing rules and imperfect credibility of the disinflation policy. We find that these features interact to generate an additional effect on top f the ones obtained with either endogenous time-dependent rules (Bonomo and Carvalho, 2003) or imperfect credibility (Ball, 1995) in isolation. This results in higher output costs of monetary disinflation.

Date: 2003-10-09
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Related works:
Working Paper: Endogenous Time-Dependent Rules and the Costs of Disinflation with Imperfect Credibility (2005)
Working Paper: Endogenous Time-Dependent Rules and the Costs of Disinflation with Imperfect Credibility (2005)
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