Uncertainty and the inflation bias of monetary policy

被引：9
|
作者：
Pearce, DK [1 ]
Sobue, M
机构：
[1] N Carolina State Univ, Dept Econ, Raleigh, NC 27695 USA
[2] Intel KK Finance, Tsukuba, Ibaraki 30026, Japan
来源：
ECONOMICS LETTERS | 1997年 / 57卷 / 02期
关键词：
monetary policy; dynamic inconsistency; uncertainty;
D O I：
10.1016/S0165-1765(97)00223-1
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The dynamic inconsistency model predicts that monetary policy will produce a positive inflation rate. The introduction of multiplicative uncertainty into the model suggests that this bias towards inflation will be lower the more uncertain the effects of monetary policy. (C) 1997 Elsevier Science S.A.
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页码：203 / 207
页数：5
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