More on the time consistency of monetary policy
We introduce costs of unexpected inflation in a general equilibrium monetary model by changing the timing of the constraints faced by consumers. We show that in this environment monetary policy is still time inconsistent, but the nature of the inconsistency is very different from the standard result...
| Autor principal: | Nicolini, J.P. |
|---|---|
| Formato: | JOUR |
| Materias: | |
| Acceso en línea: | http://hdl.handle.net/20.500.12110/paper_03043932_v41_n2_p333_Nicolini |
| Aporte de: |
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