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MORIMOTO KEIICHI
Department Undergraduate School , School of Political Science and Economics Position Associate Professor |
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| Language | English |
| Publication Date | 2011/04 |
| Type | Academic Journal |
| Peer Review | Peer reviewed |
| Title | Inflation inertia and optimal delegation of monetary policy |
| Contribution Type | Sole-authored |
| Journal | Economics Bulletin |
| Journal Type | Another Country |
| Publisher | AccessEcon |
| Volume, Issue, Page | 31(2),pp.1114-1124 |
| Author and coauthor | Keiichi Morimoto |
| Details | 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. |