Waki, Yuichiro; Dennis, Richard J.; Fujiwara, Ippei - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 3, pp. 1319-1368
imposing restrictions on the central bank's actions over time, and the central bank takes these restrictions and the New … Keynesian Phillips curve as constraints. By solving a dynamic mechanism design problem we find that it is optimal to grant …