Dennis, Richard J. (contributor); … - 2002 - [Elektronische Ressource]
, even in the
absence of the traditional “inflation bias.” This paper quantifies the welfare
differential between … precommitment and discretionary solutions we calculate the permanent
deviation of inflation from target that in welfare terms is … equivalent to mov-
ing from discretion to precommitment, the “inflation equivalent.” In the esti-
mated models, using a range of …