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discussed how quickly a central bank should reduce inflation to its desired level following an inflationary episode. He argued … that a central bank is unlikely to wish to move immediately to price stability, since there are costs to disinflation and … agents have to learn about the central bank's commitment to price stability, also mean that a central bank may wish to react …
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This paper uses Whiteman's(1986) frequency-domain optimization methodology to parameterize the precommitment period in a standard rational expectations policy design model. This allows researchers to adopt an empirical approach to the time consistency issue. That is, the operative commitment...
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