SURICO, PAOLO - In: Economica 75 (2008) 297, pp. 22-38
monetary policy time inconsistency. In the presence of asymmetric preferences, the monetary authorities generate a systematic …This paper offers an alternative explanation for the great inflation of the 1970s by measuring a novel source of … inflation bias through the private-sector expectations of a larger policy response in recessions than in booms. The estimated …