Dynamic commitment and imperfect policy rules

An examination of the dynamics of commitment, showing that because the decision regarding rules versus discretion occurs in real time, opting for discretion is often the better choice, since it leaves open the possibility of adopting rules later on.

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Year of publication:	1996
Authors:	Haubrich, Joseph G. ; Ritter, Joseph A.
Institutions:	Federal Reserve Bank of Cleveland
Subject:	Monetary policy

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Extent:	application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 9601
Source:	RePEc - Research Papers in Economics

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005729057