Inflation Bias with Dynamic Phillips Curves.
We generalise 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: | Working paper |
| Language: | English |
| Published: |
CEPR
2006
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