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Monetary Policy Under Discretion Or Commitment?: -An Empirical Study
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2013 (English)Report (Other academic)
Abstract [sv]

In this paper, I investigate the monetary policy of five industrialized countries which

have had explicit inflation targets for more than 15 years. Considering the case of dis-

cretionary policy as well as commitment, I estimate two first order conditions. The

results support the theory of flexible iflation targeting under discretion for the United

Kingdom. For New Zealand, the results under discretion suggests that monetary poli-

cymakers have been leaning with the wind rather than against the wind. The central

banks of Canada, Sweden, and Australia have behaved in line with the theory of flex-

ible inflation targeting under commitment.

Place, publisher, year, edition, pages
Uppsala: Uppsala universitet, 2013. , 57 p.
Working paper / Department of Economics, Uppsala University (Online), ISSN 1653-6975 ; 2013:8
Keyword [en]
In‡ation targeting, optimal policy under discretion, optimal policy under commitment
National Category
Research subject
URN: urn:nbn:se:uu:diva-199751OAI: oai:DiVA.org:uu-199751DiVA: diva2:621061
Available from: 2013-05-13 Created: 2013-05-13 Last updated: 2013-05-13Bibliographically approved

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