English, Article, Journal or magazine article edition: The pitfalls of monetary discretion Aubhik Khan; Robert G. King; Alexander L. Wolman

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Bookmark: http://trove.nla.gov.au/version/74993
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The pitfalls of monetary discretion
Author
  • Aubhik Khan
  • Robert G. King
  • Alexander L. Wolman
Physical Description
  • preprint
Notes
  • In a canonical staggered pricing model, monetary discretion leads to multiple private sector equilibria. The basis for multiplicity is a form of policy complementarity. Specifically, prices set in the current period embed expectations about future policy, and actual future policy responds to these same prices. For a range of values of the fundamental state variable — a ratio of predetermined prices — there is complementarity between actual and expected policy, and multiple equilibria occur. Moreover, this multiplicity is not associated with reputational considerations: it occurs in a two-period model.
  • Monetary policy ; Prices ; Equilibrium (Economics)
  • RePEc:fip:fedrwp:01-08
Language
  • English
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