Announcements and Credibility of Monetary Policy
AbstractAn infinitely repeated monetary policy game a la R. Barro and D. Gordon (1983) is considered. Before the game starts the government announces a policy rule. If there is a slight probability that government is honest and a slight probability that the government makes mistakes, then a sufficiently patient government will have average loss close to its commitment loss in all sequentially rational equilibria of the infinitely repeated game. Copyright 1996 by Royal Economic Society.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 48 (1996)
Issue (Month): 4 (October)
Contact details of provider:
Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Fax: 01865 267 985
Web page: http://oep.oupjournals.org/
Other versions of this item:
- Christian Schultz, 1996. "Announcements and Credibility of Monetary Policy," Discussion Papers 96-07, University of Copenhagen. Department of Economics.
- Christian Schultz, 1996. "Announcements and Credibility of Monetary Policy," EPRU Working Paper Series 96-06, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- R. Cellini & L. Lambertini, 2003. "On the Dynamic Consistency of Optimal Monetary Policy," Working Papers 463, Dipartimento Scienze Economiche, Universita' di Bologna.
- Cem Mehmet Baydur & Bora Suslu & Selahattin Bekmez, 2004. "The independence of central bank in view of Rogoff: The Turkish experience," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 143-.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.