Conventional wisdom says that commitment eliminates the inflationary bias of monetary policy. However, this paper shows … that the inflation bias can persist even when the central bank commits. A simple model is presented in which the central … bank precommits by setting the policy instrument, and the subsequent adjustment of inflation expectations is part of the …

policy rules and of the optimal unconstrained rule under commitment. The study reaches two main conclusions. First, inflation … the performance of the optimal rule under commitment. The optimal speed limit rule is also characterised by super …

eine diskretionäre und eine regelgebundene Geldpolitik (Commitment) verdeutlicht. Zudem werden diverse einfache … Konsum- und Preissetzungsverhalten. Ferner wird gezeigt, dass die Verwendung einer regelgebundenen Geldpolitik (Commitment …-setting behaviour in a New Keynesian model.As the decision of a central bank is made in an uncertain environment, the analysis of …

Conventional wisdom says that commitment eliminates the inflationary bias of monetary policy. However, this paper shows … that the inflation bias can persist even when the central bank commits. A simple model is presented in which the central … bank precommits by setting the policy instrument, and the subsequent adjustment of inflation expectations is part of the …