Temporary Acceleration of Inflation: What Can a Central Bank Learn from It?
In this article I present a model in which the monetary authority conducts policy by setting money supply in the presence of uncertainty and Bayesian learning about the economic environment. I find that there exists a set of assumptions under which a temporary acceleration of money growth and thus o...
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| Veröffentlicht in: | Southern economic journal 2005-04, Vol.71 (4), p.737-751 |
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| container_title | Southern economic journal |
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| creator | Patron, Hilde |
| description | In this article I present a model in which the monetary authority conducts policy by setting money supply in the presence of uncertainty and Bayesian learning about the economic environment. I find that there exists a set of assumptions under which a temporary acceleration of money growth and thus of inflation increases the government's overall expected utility. There also exists a set of assumptions under which a temporary deceleration of money growth and thus of inflation increases the government's overall expected utility. |
| doi_str_mv | 10.1002/j.2325-8012.2005.tb00673.x |
| format | Article |
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| ispartof | Southern economic journal, 2005-04, Vol.71 (4), p.737-751 |
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| source | EBSCOhost Business Source Complete; Access via Wiley Online Library; JSTOR Archive Collection A-Z Listing |
| subjects | Analysis Central banking Central banks Economic growth rate Economic models Economic policy Economic theory Economic uncertainty Economics Expected utility Experimentation Federal Reserve banks Government Inflation Inflation (Finance) Inflation rates Macroeconomic modeling Monetary growth Monetary policy Phillips curve Private sector Studies United States Utilities Utility functions Variables |
| title | Temporary Acceleration of Inflation: What Can a Central Bank Learn from It? |
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