On two notions of imperfect credibility in optimal monetary policies

Ippei Fujiwara, Timothy Kam, Takeki Sunakawa

研究成果: Article査読

2 被引用数 (Scopus)

抄録

We explore how outcomes of optimal monetary policy with loose commitment (Schaumburg and Tambalotti, 2007; Debortoli and Nunes, 2010) with the non-reoptimization probability of [Formula presented] can be interpretable as outcomes of deeper optimal policy under sustainable plans (Chari and Kehoe, 1990) with [Formula presented]-period punishment. In a standard monetary-policy framework, we show that, for any sufficiently high value of [Formula presented], there exists an integer [Formula presented] such that impulse responses to the cost-push shock under each policy are similar to each other.

本文言語English
ページ(範囲)22-25
ページ数4
ジャーナルEconomics Letters
174
DOI
出版ステータスPublished - 2019 1

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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