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The Inflation Bias When the Central Bank Targets, the Natural Rate of Unemployment
(Université de Montréal. Département de sciences économiques., 2001)
This paper studies the proposition that an inflation bias can arise in a setup where a central banker with asymmetric preferences targets the natural unemployment rate. Preferences are asymmetric in the sense that positive ...
A Prudent Central Banker
(Université de Montréal. Département de sciences économiques., 2001)
This paper studies monetary policy in an economy where the central banker's preferences are asymmetric around optimal inflation. In particular, positive deviations from the optimum can be weighted more, or less, severely ...
Inflation Targeting Under Asymmetric Preferences
(Université de Montréal. Département de sciences économiques., 2001)
This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be ...