2003, English, Article, Report edition: An investigation of the gains from commitment in monetary policy [electronic resource] / Ernst Schaumburg and Andrea Tambalotti. Schaumburg, Ernst.

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Bookmark: http://trove.nla.gov.au/version/36018073
Published
  • [New York, N.Y.] : Federal Reserve Bank of New York, [2003]
Language
  • English

Edition details

Title
  • An investigation of the gains from commitment in monetary policy /​ Ernst Schaumburg and Andrea Tambalotti.
Author
  • Schaumburg, Ernst.
Other Authors
  • Tambalotti, Andrea, 1973-
  • Federal Reserve Bank of New York.
Published
  • [New York, N.Y.] : Federal Reserve Bank of New York, [2003]
Medium
  • [electronic resource]
Series
Subjects
Summary
  • "This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal commitment plans, to be tempted to renege on them, and to succumb to this temptation with a constant exogenous probability known to the private sector. By interpreting this probability as a continuous measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains from commitment accrue at relatively low levels of credibility"--Federal Reserve Bank of New York web site.
Notes
  • Title from PDF file as viewed on 3/​3/​2005.
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader
  • Mode of access: World Wide Web
Language
  • English
Libraries Australia ID
Contributed by
Libraries Australia

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