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Uncertain central bankers' preferences: some implications of multiplicative versus additive uncertainty

In this note the implications of modelling uncertainty in the parameters of the central banks loss function are examined in a multiplicative rather than additive manner. The implications for expected inflation, linear inflation contracts and targets are derived.
Year of publication:
2000
Authors: Peel, D. A.
Published in:
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 7.2000, 12, p. 771-773
Publisher: Taylor & Francis Journals
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Type of publication: Article
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Persistent link: https://www.econbiz.de/10009202892
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