Delegating optimal monetary policy inertia

DOI10.1016/J.JEDC.2014.08.019MaRDI QIDQ1991934zbMATH OpenOpenAlexFDO

Authors Florin O. Bilbiie

Publication date 2 November 2018

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.jedc.2014.08.019

zbMATH Keywords

discretion and commitmentinertiainflation, output gap growth and nominal income growth targetingoptimal delegationstabilization biastimeless-optimal policy

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

Recommendations

• The time inconsistency of delegation-based time inconsistency solutions in monetary policy
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Cites work

• IMPLEMENTING INTERNATIONAL MONETARY COOPERATION THROUGH INFLATION TARGETING
• Limited asset markets participation, monetary policy and (inverted) aggregate demand logic
• Optimal Interest-Rate Smoothing
• The time inconsistency of delegation-based time inconsistency solutions in monetary policy
• Using a projection method to analyze inflation bias in a micro-founded model

Cited in

(8)

• Cross-checking optimal monetary policy with information from the Taylor rule
• Optimal delegation implications of central bank transparency
• Price level targeting and the delegation issue in an open economy
• Delegation, time inconsistency and sustainable equilibrium
• Heterogeneity and monetary policy
• Robust monetary policy, optimal delegation and misspecified potential output
• Central bank reputation in a forward-looking model
• The time inconsistency of delegation-based time inconsistency solutions in monetary policy

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