Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique: Reply
In a comment on our recent paper in this journal, Beetsma and Jensen claim that Propositions 3 and 4 of our paper are incorrect due to minor computational mistakes. In this reply we give the correct propositions and show that our results still stand. Our conclusion is that central bank preference uncertainty may still be desirable if the beneficial effects on output variability dominate the detrimental effects on the level and variability of inflation.
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Volume (Year): 35 (2003)
Issue (Month): 1 (February)
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