Series: IMF Working Papers
Author(s): Maral Shamloo
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 February 2010
Keywords: Monetary Policy Committee, Commitment, Discretion, Optimal Monetary Policy, inflation, monetary authority, monetary economics,
In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finit...