How large are the gains to commitment policy and optimal delegation for New Zealand?

This paper measures the benefits of commitment-based monetary policy over discretion for a small open economy inflation targeting country—New Zealand. Significant gains accrue from commitment policy. If commitment-based policy is unavailable, the government can recoup much of the gains to commitment...

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Veröffentlicht in:	Journal of macroeconomics 2007-12, Vol.29 (4), p.959-975
1. Verfasser:	Lees, Kirdan
Format:	Artikel
Sprache:	eng
Schlagworte:	Commitment Discretion Economic stability Economies of scale Inflation Inflation targeting Interest rates Macroeconomics Monetary policy New Zealand Open economies Optimal delegation Policy making Stabilization bias Studies
Online-Zugang:	Volltext
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