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Optimal discretionary monetary policy in a model of asymmetric central bank preferences.

Research output: Contribution to journalJournal article

Published
<mark>Journal publication date</mark>07/2003
<mark>Journal</mark>Economic Journal
Issue number489
Volume113
Number of pages9
Pages (from-to)657-665
Publication statusPublished
Original languageEnglish

Abstract

This paper considers optimal monetary policy in the context of the central bank adopting an asymmetric objective function. Our results show that under asymmetric preferences, many of the extant results on the time consistency problem need no longer hold.