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Testing commitment models of monetary policy: evidence from OECD economies
Inflation in many Organisation for Economic Co-operation and Development (OECD) countries was low in the 1960s, rose for a time before peaking in the 1970s or early 1980s, and then fell back to initial levels. This paper shows that a simple time inconsistency model of monetary policy does not explain OECD inflation outcomes, except in the United States. The hypothesis that time inconsistency mattered only in earlier decades fits the data no better than the baseline model. We find some, albeit limited support for a model in which inflation spills over from the United States into other countries as a result of exchange rate targeting..Printed journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : The Ohio State University |
|---|---|
| Edisi | - |
| Subjek | Monetary policy Inflation Economic models Foreign exchange rates studies Industrialized nations |
| ISBN/ISSN | 222879 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |