Announcements and Credibility of Monetary Policy

Christian Schultz ()

No 96-06, EPRU Working Paper Series from Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics

Abstract: An infinitely repeated monetary policy game … la Barro and Gordon (1983) is considered. Before the game starts the government announces a policy rule. If there is a slight probability that government is honest and a slight probability that the government makes mistakes, then a sufficiently patient government will have average loss close to its commitment loss in all sequentially rational equilibria of the infinitely repeated game.

Date: 1996-06
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Journal Article: Announcements and Credibility of Monetary Policy (1996)
Working Paper: Announcements and Credibility of Monetary Policy (1996)
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