Inflation Bias with Dynamic Phillips Curves and Impatient Policy Makers.
We generalize the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both a backward-looking and forward-looking component. Second, we show that the commitment (time inconsist...
| Main Authors: | , , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Berkley Electronic Press
2009
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