The Effect of Discounting on Policy Choices in Inflation Targeting Regimes  

Oleh:

Vines, David ; Satchi, Mathan ; Henry, SGB

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 116 no. 508 (2006), page 266-282.
Topik: inflation; policy choices; inflation targeting regimes; discounting; monetary policy
Fulltext: 266.pdf (267.81KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.20 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This article assesses the implications of discounting on a result derived by : that in a model of monetary policy where policy acts with a lag, the outcomes of monetary policy are very similar for a wide range of preferences of the monetary authority with respect to inflation and output stability. We show that when the authority discounts the future, outcomes become more sensitive to its preferences, and that it is important to take the discount rate into account when examining the question of how the authority's remit should be specified.

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