Optimal Monetary Policy with Overlapping Generations of Policymakers:
In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finite terms. Older and younger generations of Monetary Policy Committee (MPC) members deci...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
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Schriftenreihe: | IMF Working Papers
Working Paper No. 10/32 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finite terms. Older and younger generations of Monetary Policy Committee (MPC) members decide on policy by engaging in a bargaining process. I show that this setup gives rise to a continuous measure of the degree of monetary authority''s commitment. The model suggests that the lower the churning rate or the longer the tenure time, the closer social welfare will be to that under optimal commitment policy |
Beschreibung: | 1 Online-Ressource (36 p) |
ISBN: | 1451962649 9781451962642 |
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spelling | Shamloo, Maral Verfasser aut Optimal Monetary Policy with Overlapping Generations of Policymakers Shamloo, Maral Washington, D.C International Monetary Fund 2010 1 Online-Ressource (36 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/32 In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finite terms. Older and younger generations of Monetary Policy Committee (MPC) members decide on policy by engaging in a bargaining process. I show that this setup gives rise to a continuous measure of the degree of monetary authority''s commitment. The model suggests that the lower the churning rate or the longer the tenure time, the closer social welfare will be to that under optimal commitment policy Online-Ausg http://elibrary.imf.org/view/IMF001/10736-9781451962642/10736-9781451962642/10736-9781451962642.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Shamloo, Maral Optimal Monetary Policy with Overlapping Generations of Policymakers |
title | Optimal Monetary Policy with Overlapping Generations of Policymakers |
title_auth | Optimal Monetary Policy with Overlapping Generations of Policymakers |
title_exact_search | Optimal Monetary Policy with Overlapping Generations of Policymakers |
title_exact_search_txtP | Optimal Monetary Policy with Overlapping Generations of Policymakers |
title_full | Optimal Monetary Policy with Overlapping Generations of Policymakers Shamloo, Maral |
title_fullStr | Optimal Monetary Policy with Overlapping Generations of Policymakers Shamloo, Maral |
title_full_unstemmed | Optimal Monetary Policy with Overlapping Generations of Policymakers Shamloo, Maral |
title_short | Optimal Monetary Policy with Overlapping Generations of Policymakers |
title_sort | optimal monetary policy with overlapping generations of policymakers |
url | http://elibrary.imf.org/view/IMF001/10736-9781451962642/10736-9781451962642/10736-9781451962642.xml |
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