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| Tekijä: | Jordan, T. |
| Otsikko: | Central bank independence and the trade-off between inflation and output stabilization |
| Lehti: | Journal of Institutional and Theoretical Economics
1997 : JUN, VOL. 153:2, p. 367-383 |
| Asiasana: | ECONOMICS INFLATION STABILIZATION |
| Kieli: | eng |
| Tiivistelmä: | This paper provides a monetary game model in which the short-run Phillips curve depends on the average inflation rate. Three main results are obtained: First, discretionary monetary policy not only leads to an inflation bias but also to an output stabilization bias. Second, a more independent central bank does not necessarily lead to lower output stabilization. Third, there is a lower bound for a reasonable choice of the degree of central bank independence. |
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