Optimality, Rational Expectations and Time Inconsistency Applied to Inflation Targeting Strategy

Optimality, Rational Expectations and Time Inconsistency Applied to Inflation Targeting Strategy

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The purpose of this paper is to analyse the characteristics of an inflation targeting strategy, using the Barro-Gordon model specific tools. This paper uses the initial Barro-Gordon concepts of inflationary social costs and benefits, adding a new dimension generated by the cost of output deviating f...

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Bibliographic Details
Main Authors: Marius-Corneliu Marinas, Marius Andrei Zoican
Format: Article
Language:English
Published: General Association of Economists from Romania 2008-10-01
Series:Theoretical and Applied Economics
Subjects:
optimal inflation rate
inflation targeting strategies
the Barro-Gordon model
output gap
central bank credibility.
Online Access:http://www.ectap.ro/articole/337.pdf

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