Scorcu, Antonello Eugenio
(1991)
Politica monetaria, produzione e problemi di incoerenza temporale.
Bologna:
Dipartimento di Scienze economiche DSE,
p. 33.
DOI 10.6092/unibo/amsacta/5254.
In: Quaderni - Working Paper DSE
(110).
ISSN 2282-6483.
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Abstract
This work extends the analysis of time inconsistency in monetary policy to the case of serial correlation in the level of production. In the one-shot discretionary equilibrium Inflation is higher than in the Barro-Gordon case. Over an infinite horizon, output persistence makes the conditions for a reputational equilibrium more likely to be met.
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