Sacrifice Ratios and Monetary Policy Credibility: Do Smaller Budget Deficits, Inflation-Indexed Debt, and Inflation Targets Lower Disinflation Costs?

Topics:
Budgeting,
Inflation
Tags:
Currency & Foreign Exchange,
Federal Reserve Board,
Finance,
Inflation,
Sacrifice Ratio
Source:
The Federal Reserve Board

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Overview: The paper discusses issues such as, monetary policy, sacrifice ratios and inflation. A growing empirical literature addresses the determinants of the sacrifice ratio, an imperfect measure of the tradeoffs between inflation and aggregate output. This study endeavors to advance previous studies in three ways. The issue is that monetary authorities are tempted to renege in favor of a temporary boost in output. Therefore expectations incorporate such "time inconsistency," and expectations do not adjust.

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Format: PDF | Size: 170KB | Date: Jan 2001 | Pages: 63

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