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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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target inflation would undermine the rationale for central bank independence and constitute an additional movement away from …
Persistent link: https://www.econbiz.de/10009320887
May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.
Persistent link: https://www.econbiz.de/10010552103
Remarks at Forecasters Club of New York, New York City.>
Persistent link: https://www.econbiz.de/10010725046
May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.
Persistent link: https://www.econbiz.de/10010727313
Central banks analyze a wide range of data to obtain better measures of underlying inflationary pressures. Factor …
Persistent link: https://www.econbiz.de/10008636171