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Essay Details:
Essay text:
Time inconsistency situations
Time inconsistency situations may occur because the central bank would try to
reoptimize in the short term and lose sight of the long term goals. The bank may
start out with a particular policy and then keep changing its policy to suit some
short term requirements. Such a conduct wouldn’t have the desired effect. This
effect can be explained using a model for inflation targeting. [2]
2
p = pT-a(x-u)
p = inflation
pT = target inflation percentage
x= output gap (Y-Yn ) / Yn
u= fluctuations
a=l/ak
a= constant, k= measure of the cost of inflation fluctuation
l= measure of the cost of output fluctuation
Consider a case where the fluctuations, u=0...
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Common topics in this essay:
- Inflation Targeting As A Strategy Of The Conduct Of Monetary Policy
- Inflation Targeting: Should Central Bank Go For It?
- Inflation targeting
- Inflation
- Inflation
- Inflation
- Inflation
- inflation
- inflation
- inflation
- inflation
- Inflation
- inflation
- What actions might a government take in order to reduce the rate of inflation in the economy?
- inflation targeting
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