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Announcements and Credibility of Monetary Policy

Author

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  • Schultz, Christian

Abstract

An 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.

Suggested Citation

  • Schultz, Christian, 1996. "Announcements and Credibility of Monetary Policy," Oxford Economic Papers, Oxford University Press, vol. 48(4), pages 673-680, October.
    • Handle: RePEc:oup:oxecpp:v:48:y:1996:i:4:p:673-80
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    Cited by:

    1. 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 143-143.
    2. R. Cellini & L. Lambertini, 2003. "On the Dynamic Consistency of Optimal Monetary Policy," Working Papers 463, Dipartimento Scienze Economiche, Universita' di Bologna.
    3. Steven M. Shugan, 2005. "Comments on Competitive Responsiveness," Marketing Science, INFORMS, vol. 24(1), pages 3-7.

    More about this item

    JEL classification:

    • 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

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