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- W2474529713 abstract "The paper discusses the use of escape clauses in monetary policy when there is employment persistence. The institutional set-up consists of i) an independent conservative central banker. and ii) an escape clause. Poliey is conducted using a simple rule in normal times, hut the rule may be abandoned in the case where large shocks have hit the economy. In normal times the central bank has no discretionary power and eannot trade off employment variations with variations in inflation. Furthermore, the set-up introduces a state-contingent peso-problem in normal times since expected inflation depends on past employment. The gain of the escape clause is that monetary policy will be more effective when large shocks hit the economy. In addition, employment persistence reduces in these situations. 'Thanks to Torben Andersen for comments and suggestions. The usual disclaimer applies." @default.
- W2474529713 created "2016-07-22" @default.
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- W2474529713 date "2001-01-01" @default.
- W2474529713 modified "2023-09-27" @default.
- W2474529713 title "Five essays on credibility, monetary policy rules and inflation targeting" @default.
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