Rules, discretion and reputation in a model of monetary policy
In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymaker's incentives and form their...
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| Published in: | Journal of monetary economics 1983-01, Vol.12 (1), p.101-121 |
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| Main Authors: | , |
| Format: | Article |
| Language: | English |
| Citations: | Items that this one cites Items that cite this one |
| Online Access: | Get full text |
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