Minford, Patrick; Srinivasan, Naveen - In: Economic Notes 37 (2008) 1, pp. 119-126
A recent paper by Ruge-Murcia (2004) on asymmetric central bank objectives provides a new perspective on the policy roots of inflation in developed economies. More precisely, the paper demonstrates that if the distribution of the supply shocks is normal, then the reduced-form solution for...