Arbeitspapier
Opportunistic Monetary Policy: an Alternative Rationalization
This paper offers an alternative rationalization for opportunistic behaviour i.e., a gradual disinflation strategy where policymakers react asymmetrically to supply shocks, opting to disinflate only in recessionary period. Specifically, we show that adaptive expectations combined with asymmetry in the Phillips curve of a specific sort together provide an optimizing justification for opportunism. However, the empirical basis for these conditions to be satisfied in the current low-inflation context of most OECD countries remains however to be established.
- Language
-
Englisch
- Bibliographic citation
-
Series: Cardiff Economics Working Papers ; No. E2005/9
- Classification
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Subject
-
Deliberate disinflation
Opportunistic disinflation
- Event
-
Geistige Schöpfung
- (who)
-
Minford, Patrick
Srinivasan, Naveen
- Event
-
Veröffentlichung
- (who)
-
Cardiff University, Cardiff Business School
- (where)
-
Cardiff
- (when)
-
2005
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Minford, Patrick
- Srinivasan, Naveen
- Cardiff University, Cardiff Business School
Time of origin
- 2005
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