DOYLE, MATTHEW; FALK, BARRY - In: Journal of Money, Credit and Banking 40 (2008) 2-3, pp. 409-425
Inflation in many Organisation for Economic Co-operation and Development (OECD) countries was low in the 1960s, rose for a time before peaking in the 1970s or early 1980s, and then fell back to initial levels. This paper shows that a simple time inconsistency model of monetary policy does not...