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Time-Consistent Policy and Persistent Changes in Inflation / Laurence M. Ball.
- Format:
- Book
- Author/Creator:
- Ball, Laurence M.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3529.
- NBER working paper series no. w3529
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1990.
- Summary:
- This paper presents a model of dynamically consistent monetary policy that explains changes in inflation over time. In the model -- as in the postwar United States -- adverse supply shocks trigger persistent increases in inflation, and disinflation occurs when a tough policymaker creates a recession. The paper also proposes an approach to selecting a unique, plausible equilibrium in infinite-horizon models of monetary policy.
- Notes:
- Print version record
- December 1990.
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