モリモト　ケイイチ   MORIMOTO KEIICHI   盛本　圭一    所属   明治大学  政治経済学部    職種   専任教授
言語種別	英語
発行・発表の年月	2011/04
形態種別	学術雑誌
査読	査読あり
標題	Inflation inertia and optimal delegation of monetary policy
執筆形態	単著
掲載誌名	Economics Bulletin
掲載区分	国外
出版社・発行元	AccessEcon
巻・号・頁	31(2),pp.1114-1124
著者・共著者	Keiichi Morimoto
概要	This paper analyzes the relationship between the optimal weight on output gap in the central bank's loss function and the degree of inertia in a hybrid version of New Keynesian model with a pure discretionary inflation targeting. I show that under endogenous persistence of inflation dynamics, even in discretionary monetary policy regime, a Rogoff's (1985) conservative central banker does not necessarily improve social welfare.