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| Tekijä: | Ratti, R. A. |
| Otsikko: | On optimal contracts for central bankers and inflation and exchange-rate-targeting regimes |
| Lehti: | Journal of Money, Credit and Banking
2002 : AUG, VOL. 34:3, part 1, p. 678-685 |
| Asiasana: | Monetary policy Central banks Inflation Exchange rates Economic theory |
| Kieli: | eng |
| Tiivistelmä: | The author analyzes the issue of discretion and commitment in monetary policy under an exchange rate-targeting regime. It is shown that a state-contingent contract conditioned on the exchange rate and past output can implement the commitment equilibrium. Contracts conditioned on the exchange rate and inflation and on inflkation and past output can also mimic the optimal rule under commitment. |
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