Market Discipline and Monetary Policy
AbstractThe effects of forward looking expectations of future inflation on equilibrium inflation and interest rates are examined within an imperfect information framework. Expectations of future inflation affect equilibrium in a manner similar to an increase in the central bank's weight on future social welfare, making it more likely an opportunistic central bank will actually deliver on its announced inflation targets, and output expansions can arise even if the central banker is revealed to be a low inflation type. The model also illustrates the channels through which inflation scares raise current real interest rates. Copyright 2000 by Oxford University Press.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 52 (2000)
Issue (Month): 2 (April)
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/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Bugarin, Mauricio & Carvalho. Fabia A., 2006. "Heterogeneity of Central Bankers and Inflationary Pressure," Insper Working Papers, Insper Working Paper, Insper Instituto de Ensino e Pesquisa wpe_68, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
- Loisel, O., 2005.
"Central Bank Reputation in a Forward-Looking Model,"
Working papers, Banque de France
127, Banque de France.
- Loisel, Olivier, 2008. "Central bank reputation in a forward-looking model," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 32(11), pages 3718-3742, November.
- Carl E. Walsh, 2002. "Are contemporary central banks transparent about economic models and objectives and what difference does it make? - commentary," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Jul, pages 37-46.
- C. Andrade, Eduardo, 2003. "Quotas in Brazilian Public Universities: Good or Bad Idea?," Insper Working Papers, Insper Working Paper, Insper Instituto de Ensino e Pesquisa wpe_37, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
- Elmar Mertens, 2010. "Discreet Commitments and Discretion of Policymakers with Private Information," 2010 Meeting Papers, Society for Economic Dynamics 763, Society for Economic Dynamics.
- Reiner Eichenberger & Sergio Rossi, 2004. "Die Deregulierung der Zentralbanken: Auf zu einem internationalen Markt für gute Geldpolitik!," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 327-353, September.
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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.