| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3781 |
| DP3781 An Anatomy of the Phillips Curve | |
| Dennis Snower; Marika Karanassou | |
| 发表日期 | 2003-02-28 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | The Kydland-Prescott, Barro-Gordon inflation bias result relies on the presumption that policymakers aim at achieving a level of employment above potential. Both academics and policymakers have recently questioned this presumption on the ground of realism. We show that even if policymakers are content with the normal level of employment there is an inflation bias if the central bank is uncertain about the future state of the economy, and is more sensitive to policy misses leading to employment below the normal level than to policy misses leading to employment above it. This new view of the inflation bias implies that there should be a positive association between average inflation and the variance of shocks to output. Cross sectional empirical evidence from 21 developed economies supports this implication. The Paper also discusses the consequences for the transparency of monetary policy and for central bank reform. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation bias Kydland-prescott Barro-gordon |
| URL | https://cepr.org/publications/dp3781 |
| 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/532799 |
| 推荐引用方式 GB/T 7714 | Dennis Snower,Marika Karanassou. DP3781 An Anatomy of the Phillips Curve. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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