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Die Zeitpräferenz der Zentralbank als strategische Handlungsalternative bei der Ausgestaltung von Geldpolitikmustern im Reputationsgleichgewicht

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  • Volker Bieta

Abstract

In the present paper a Barro-Gordon model of monetary policy with asymmetric information is considered. Since monetary policy formation is an ongoing process with repeated interactions between the central bank and the private sector, game-theoretic methodology is the appropriate tool to analyse the problem of reputation as a repeated game. It is shown, that in a sequential equilibrium, which describes the policy actions, the time preference selection by the players has an important influence on the development of the real economy.

Suggested Citation

  • Volker Bieta, 1995. "Die Zeitpräferenz der Zentralbank als strategische Handlungsalternative bei der Ausgestaltung von Geldpolitikmustern im Reputationsgleichgewicht," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 131(II), pages 227-246, June.
  • Handle: RePEc:ses:arsjes:1995-ii-4
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