The gains from delegation revisited: price-level targeting, speed-limit and interest rate smoothing policies

In the standard monetary policy model, the monetary authorities face a commitment problem that has been termed the 'stabilisation bias'. When a shock hits that threatens to push up inflation, the policymaker would like to generate the expectation that inflation will be low in the future, b...

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Veröffentlicht in:	Bank of England quarterly bulletin 2011-04, Vol.51 (2), p.141-172
Hauptverfasser:	Blake, Andy, Kirsanova, Tatiana, Yates, Tony
Format:	Artikel
Sprache:	eng
Schlagworte:	Economic shock Economic stabilization Equilibrium Inflation Inflation pressures Inflation targeting Interest rates Monetary policy Policy making Price level United Kingdom Western Europe
Online-Zugang:	Volltext
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