Optimal Monetary Policy with Overlapping Generations of Policymakers

Optimal Monetary Policy with Overlapping Generations of Policymakers
In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finite terms. Older and younger generations of Monetary Policy Committee (MPC) members decide on policy by engaging in a bargaining process. READ MORE...

Publication date: February 2010
ISBN 9781451962642
$18.00

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