The American Economic Review, Volume 85,Edições 1-3American Economic Association, 1995 |
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Página 152
... central bank at the institutional - design stage in order to eliminate the inflation bias of discretionary policy while still preserving the ability of the central bank to respond with discretion to new information . Thus , the focus is ...
... central bank at the institutional - design stage in order to eliminate the inflation bias of discretionary policy while still preserving the ability of the central bank to respond with discretion to new information . Thus , the focus is ...
Página 202
... central banker is a familiar type , encountered in his or her anti - inflationary speeches all over the world . In this interpretation , the central bank has to be independent to ensure that its prefer- ences rather than those of ...
... central banker is a familiar type , encountered in his or her anti - inflationary speeches all over the world . In this interpretation , the central bank has to be independent to ensure that its prefer- ences rather than those of ...
Página 210
... central bank with a " contract " ( i.e. , incentive scheme ) that makes its own financial rewards nega- tively dependent upon the inflation rate , 8 then it is possible to induce optimal perfor- mance as in ( 4 ) even though the central ...
... central bank with a " contract " ( i.e. , incentive scheme ) that makes its own financial rewards nega- tively dependent upon the inflation rate , 8 then it is possible to induce optimal perfor- mance as in ( 4 ) even though the central ...
Índice
Evidence? | 17 |
Dan Kovenock and Gordon Phillips | 403 |
The Effect of Institutions on Economic Behavior | 409 |
Direitos de autor | |
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aggregate analysis assume average behavior benefits bill rate Bretton Woods Cambridge cartels central bank cheap talk choice coefficient consumption contract correlation cost countries deutsche mark drug effect employment equation estimates evidence expected fiat money firms forecast genotype growth households human capital hypothesis implies incentive income increase individual industry inflation investment Journal of Economic labor market lagged liquidity constraints marginal Medicaid ment minimum wage monetary policy monomorphic Nash equilibrium National nomic nontraded null hypothesis optimal output paper payoff function percent player political population preferences problem quota ratio reduce regression relative Research response revenue risk Robert sample sector shocks significant social Solow residuals spending statistically strategy studies supply shocks symmetric Nash Table tax rates theory tion tive trade University utility variables voters welfare workers y₁ zero