| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3099 |
| DP3099 Redistribution and Education Subsidies are Siamese Twins | |
| Lans Bovenberg; Bas Jacobs | |
| 发表日期 | 2001-12-12 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | ?This Paper considers monetary policy when the weight policy makers put on output loss relative to inflation is their private information. I show that in the first period of a two-period term, all policy makers but the least inflation averse inflate less ? but respond more to shocks ? than if there were no private information. Moderately inflation-averse policy makers may reduce their inflation most. A tendency toward increased conservatism in their second period increases inflation in the first. The model is extended to T-period terms, T < 8. It is shown that inflation depends solely on the policy maker?s time left in office and not how long he has served or what he has already done. With unchanging preferences and no discounting, inflation is lower the longer he has left. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Signalling |
| URL | https://cepr.org/publications/dp3099 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532127 |
| 推荐引用方式 GB/T 7714 | Lans Bovenberg,Bas Jacobs. DP3099 Redistribution and Education Subsidies are Siamese Twins. 2001. |
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