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| Author: | Walsh, C. |
| Title: | Market discipline and monetary policy |
| Journal: | Oxford Economic Papers
2000 : APR, VOL. 52:2, p. 249-271 |
| Index terms: | MONETARY POLICY INFLATION CENTRAL BANKS |
| Language: | eng |
| Abstract: | The 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 after 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. |
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