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This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of monetary policy time-inconsistency due to Cukierman (2002). In the presence of asymmetric preferences, the monetary authorities end up generating a systematic inflation bias...
Persistent link: https://www.econbiz.de/10009635891
Persistent link: https://www.econbiz.de/10011625000
Persistent link: https://www.econbiz.de/10011625001
This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on …, composition, and decision rules of committees. We discuss implications for the design of monetary policy committees. …
Persistent link: https://www.econbiz.de/10009635876