| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5545 |
| DP5545 Inequality and Informality | |
| Mark Gradstein; Alberto Chong | |
| 发表日期 | 2006-03-12 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We generalise the analysis of inflation bias with dynamic Phillips curves in three respects. First, we examine the discretionary (time consistent) solution in cases where the Phillips curve has both a backward looking and forward-looking component. Second, we show that the commitment (time inconsistent) solution does not normally involve zero inflation and output at its natural rate. Instead, with a purely forward-looking Phillips curve and positive discounting, it will involve a dynamic path for inflation in which steady state inflation is below its target. In this sense, we obtain negative inflation bias. Third, we show that the timeless perspective policy has the same steady state as the commitment case, but without any short-term output gains. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation bias Commitment Discretion Timeless perspective policy |
| URL | https://cepr.org/publications/dp5545 |
| 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/534390 |
| 推荐引用方式 GB/T 7714 | Mark Gradstein,Alberto Chong. DP5545 Inequality and Informality. 2006. |
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