Better Monetary Control may Increase the Inflationary Bias of Policy
Explores the implications of imperfect monetary control and uncertainty about the trade-off between output and inflation to discretionary policy. Impact of imperfect control of money growth on policymakers' incentive to create surprises; Consequences of imperfect control of money growth for optimal monetary policy; Welfare effects of uncertainty about the extent to which inflation affect output.
|Keywords||inflation (finance), monetary policy, production (economic theory)|
Swank, O.H.. (1994). Better Monetary Control may Increase the Inflationary Bias of Policy. Scandinavian Journal of Economics, 125–131. Retrieved from http://hdl.handle.net/1765/12309