FUKUDA, SHIN-ICHI - In: Global Journal of Economics (GJE) 01 (2012) 02, pp. 1250010-1
In many countries, the monetary policy instrument sometimes remains unchanged for a long period and shows infrequent responses to exogenous shocks. The purpose of this paper is to provide a new explanation on why the central bank's policy instrument remains unchanged. In the analysis, we explore...