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- W2012188870 abstract "The central bank's preferences toward stimulating economic activity versus fighting inflation may vary from period to period. This paper investigates the distinction between variability and predictability of the monetary authority's preferences in the context of a monetary policy game. We examine the impact that changes in the public's forecast accuracy would have on the monetary authority's behavior. Specifically, do fixed-growth rules or discretion yield higher ex ante payoffs to the monetary authority when the predictability of policymaker preferences changes?" @default.
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- W2012188870 date "1991-06-01" @default.
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- W2012188870 title "Variability and forecastability of central bank preferences in a monetary policy game" @default.
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- W2012188870 doi "https://doi.org/10.1016/0164-0704(91)90009-j" @default.
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