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Expectation traps and monetary policy

Author: Stefania Albanesi; V V Chari; Lawrence J Christiano; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2002.
Series: Working paper series (National Bureau of Economic Research), no. 8912.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: Why is it that inflation is persistently high in some periods and persistently low in other periods? We argue that lack of commitment in monetary policy may bear a large part of the blame. We show that, in a standard equilibrium model, absence of commitment leads to multiple equilibria, or expectation traps. In these traps, expectations of high or low inflation lead the public to take defensive actions  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Stefania Albanesi; V V Chari; Lawrence J Christiano; National Bureau of Economic Research.
OCLC Number: 50014814
Notes: "April 2002."
Description: 1 online resource (42, [10] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 8912.
Responsibility: Stefania Albanesi, V.V. Chari, Lawrence J. Christiano.

Abstract:

Abstract: Why is it that inflation is persistently high in some periods and persistently low in other periods? We argue that lack of commitment in monetary policy may bear a large part of the blame. We show that, in a standard equilibrium model, absence of commitment leads to multiple equilibria, or expectation traps. In these traps, expectations of high or low inflation lead the public to take defensive actions which then make it optimal for the monetary authority to validate those expectations. We find support in cross-country evidence for key implications of the model.

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