Inflation Inertia and Optimal DisinflationGroup for International and Comparative Economic Studies, Department of Economics, University of California, Santa Cruz, 1990 - Deflation (Finance) - 26 pages |
Common terms and phrases
aggregate supply shocks analysis appoint a central B²ñ banker who cares Bernie Elbaum Carl Walsh consistent discretionary consistent inflation rate degree of inertia denotes desired rate discretionary policy Donald Wittman economy's employment contract equation 12 equilibrium level goal of monetary Inertia and Optimal inertial inflation inflation exceeds Inflation Inertia inflation process inflation relative inflation target initial rate Jun-Il Kim K.C. Fung last period's inflation level of output macroeconomic goals Michael Hutchison monetary authority OECD Optimal Disinflation optimal to appoint optimal to conduct output and inflation period's inflation rate place on inflation places more weight policy maker policy maker's preference rate of convergence rate of inflation rational expectations Ray-Shine Lee Reserve Bank Act Rogoff Rogoff's model Ron Grieson Sept social loss function social welfare function socially optimal society's preferences taking expectations unemployment weaker on inflation weight on achieving weight on inflation Zealand απ βφ π Π