Expectation Traps and Discretion
收藏NBER1996-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w5541
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We argue that discretionary monetary policy exposes the economy to welfare-decreasing instability. It does so by creating the potential for private expectations about the response of monetary policy to exogenous shocks to be self-fulfilling. Among the many equilibria that are possible, some have
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美国国家经济研究局创建时间：
1996-04-01
