English, Article, Journal or magazine article edition: The Time Inconsistency of Monetary Policy with Inflation Persistence Richard Mash

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Bookmark: http://trove.nla.gov.au/version/20435
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Time Inconsistency of Monetary Policy with Inflation Persistence
Author
  • Richard Mash
Physical Description
  • preprint
Notes
  • In a monetary policy model incorporating partial persistence in inflation it is shown that inflation bias is reduced and the response to shocks improved if the policy maker has a discount rate lower than its true social value. Thus a patient central banker is shown to be a third mechanism for offsetting time inconsistency problems in addition to Rogoff`s conservative central banker and the principal-agent approach of Walsh. The paper also analyses outcomes under the latter regimes and the optimal rule, finding important differences from the results of earlier literature that excludes inflation persistence.
  • RePEc:oxf:wpaper:015
Language
  • English
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