Resource title

Credibility and flexibility with monetary policy committees

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The authors consider independent monetary policy committees as a simple way of attaining relatively low inflation without completely sacrificing the stabilization role of monetary policy. If central banker’s types are unknown, then for a wide range of parameters an independent monetary policy committee is better than either a mandated zero-inflation rule or discretionary policy conducted by an opportunistic central banker.

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en

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application/pdf

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http://flora.insead.edu/fichiersti_wp/inseadwp2002/2002-37.pdf

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Copyright INSEAD. All rights reserved