English, Article, Journal or magazine article edition: Optimal Monetary Policy in a Model of Asymmetric Central Bank Preferences A. Robert Nobay; David A. Peel

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Bookmark: http://trove.nla.gov.au/version/45443
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Optimal Monetary Policy in a Model of Asymmetric Central Bank Preferences
Author
  • A. Robert Nobay
  • David A. Peel
Physical Description
  • preprint
Notes
  • This paper considers optimal monetary in the context of the central bank adopting a asymmetric objective function. We exploit a procedure, due to Varian and Zellner, to derive policies under commitment and discretion. Our results show that under asymmetric preferences, many of the extant results on the time consistency problem no longer hold. A striking feature of the optimal policy solutions is that a committed policymaker is not unambiguously preferred to his discretionary counterpart. Moreover, the form of the optimal discretionary solution indicates that the usual mechanisms to eliminate the inflation bias are inappropriate.
  • RePEc:fmg:fmgdps:dp306
Language
  • English
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