Yuan, Huiping; Miller, Stephen M. - Department of Economics, University of Nevada-Las Vegas - 2009
eliminates both the average and the state-contingent inflation biases, and a liberal, not conservative, preference eliminates the … optimal monetary policy, committing to the social loss function, using discretion with the central bank long-run and short …-run loss functions, and following monetary policy rules. The same outcomes emerge from these different policymaking methods …