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Time Inconsistency Problem in Monetary Policy

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by

Joosung Lee

on 14 October 2015

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Transcript of Time Inconsistency Problem in Monetary Policy

The Phillips Curve
Clean Your Room!
A situation in which policymakers have an incentive to
renege on a previously announced policy
when the time comes to carry it out.
Time Inconsistency
The
Problem
Inconsistent!
Barro-Gordon
Time Inconsistency
Time Consistent Policy ?
The
Model
Firms
Central Bank
Central Bank Independence
& Inflation
in
Monetary Policy
The Phillips Curve
Inflation Targeting in UK
2%
Is 3% consistent?
Full transcript