Dennis, Richard J. (contributor); … - 2002 - [Elektronische Ressource]
, which in turn promotes
economic stability. But such a policy response demands that the central bank live
up to its past … equivalent to mov-
ing from discretion to precommitment, the “inflation equivalent.” In the esti-
mated models, using a range of … reasonable central bank preference parameters,
the “inflation equivalent” ranges from 0.05 to 3.6 percentage points, with a
mid …