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Time-consistent policy and persistent changes in inflation
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DOI：10.1016/0304-3932(95)01218-4.png)
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Abstract
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This paper presents a model of dynamically consistent monetary policy that explains changes in inflation over time. In the model - as in the postwar United States - adverse supply shocks trigger increases in inflation. High inflation persists until a tough policy-maker causes a recession to disinflate. The paper also proposes an approach to selecting a unique equilibrium in infinite-horizon models of monetary policy.
Keywords:
inflation
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