Recession aversion, output and the Kydland-Prescott Barro-Gordon model

Economics Letters

Volumn 81, Issue 3, 2003, Pages 389-394

  Gerlach, Stefan ^a  

^a HONG KONG MONETARY AUTHORITY   (Hong Kong)

Author keywords

Asymmetric policy reactions; Inflation bias; Reaction functions

Indexed keywords

EID: 0141947230     PISSN: 01651765     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0165-1765(03)00223-4     Document Type: Article

References (7)

1. Barro R.J. Gordon D.R. A positive theory of monetary policy in a natural rate model Journal of Political Economy 91 1983 589-610
2. Blinder A.S. Central Banking in Theory and Practice 1998 MIT Press Cambridge, MA
3. Cukierman A. 2000 The inflation bias result revisited. Unpublished paper, Tel-Aviv University.
4. Kydland F.E. Prescott E.C. Rules rather than discretion: the inconsistency of optimal plans Journal of Political Economy 85 1977 473-492
5. Ireland P.N. Does the time-consistency problem explain the behaviour of inflation in the United States? Journal of Monetary Economics 44 1999 279-291
6. McCallum B.T. Crucial issues concerning central bank independence Journal of Monetary Economics 39 1997 99-112
7. Ruge-Murcia F.J. 2000 The inflation bias when the central bank targets the natural rate of unemployment. Unpublished paper, CRDE, Université de Montréal.