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Abstract:

We introduce costs of unexpected inflation in a general equilibrium monetary model by changing the timing of the constraints faced by consumers. We show that in this environment monetary policy is still time inconsistent, but the nature of the inconsistency is very different from the standard result found in the literature. In particular, we find that the government may find optimal to deviate by choosing inflation rates lower than expected. By making a brief review of the monetary literature, we argue that the model of this paper is more attractive than the ones proposed before to study the time consistency of optimal monetary policy.

Registro:

Documento: Artículo
Título:More on the time consistency of monetary policy
Autor:Nicolini, J.P.
Filiación:Universidad Torcuato di Tella, Minones 2159/77, 1428, Buenos Aires, Argentina
Palabras clave:E58; E61; Monetary policy; Time inconsistency
Año:1998
Volumen:41
Número:2
Página de inicio:333
Página de fin:350
DOI: http://dx.doi.org/10.1016/S0304-3932(97)00079-2
Título revista:Journal of Monetary Economics
Título revista abreviado:J. Monet. Econ.
ISSN:03043932
CODEN:JMOED
Registro:https://bibliotecadigital.exactas.uba.ar/collection/paper/document/paper_03043932_v41_n2_p333_Nicolini

Referencias:

  • Barro, R., Gordon, D., A positive theory of monetary policy in a natural rate model (1983) Journal of Political Economy, 12, pp. 101-121
  • Baumol, W., The transactions demand for cash: an inventory theoretic approach (1952) Quarterly Journal of Economics
  • Bohn, H., Time consistency of monetary policy in the open economy (1991) Journal of International Economics, 30, pp. 249-266
  • Calvo, G., On the time consistency of optimal monetary policy (1978) Econometrica, 46, pp. 1411-1428
  • Chari, V., Kehoe, P., Sustainable plans and mutual default (1993) Review of Economic Studies, 60, pp. 175-195
  • Christiano, L., Eichenbaum., M., Identification and the liquidity effect of a monetary policy shock (1992) Political Economy, Growth and Business Cycles, , In: Cukierman, A., Hercowitz, Z., Leiderman, L. (Eds.) MIT Press, Cambridge, MA
  • Fuerst, T., Liquidity, loanable funds and real activity (1992) Journal of Monetary Economics, 29, pp. 3-24
  • Grossman, S., Weiss, L., A transactions-based model of the monetary transmission mechanism (1983) American Economic Review, 73, pp. 871-880
  • Hodrick, R., Kocherlakota, N., Lucas, D., The variability of velocity in cash-in-advance models (1991) Journal of Political Economy, 99, pp. 358-384
  • Kiyotaki, N., Wright, R., On money as a medium of exchange (1989) Journal of Political Economy, 97, pp. 927-954
  • Lucas, R., Equilibrium in a pure currency economy (1980) Models of Monetary Economies. Federal Reserve Bank of Minncapolis, , In: Kareken, J. Wallace, N. (Eds.) Minneapolis, MN
  • Lucas, R., Stokey, N., Optimal fiscal and monetary policy in an economy without capital (1983) Journal of Monetary Economics, 12, pp. 55-93
  • Nicolini, J., (1993) More on the Time Inconsistency of Optimal Monetary Policy, , Working paper # 56, Universitat Pompeu Fabra
  • Persson, M., Persson, T., Svensson, L., Time consistency of fiscal and monetary policy (1987) Econometrica, 55, pp. 1419-1431
  • Persson, M., Persson, T., Svensson, L., (1989) A Reply. Seminar Paper, 427. , Institute for International Economic Studies, Stockholm, Sweden
  • Poterba, J., Rotemberg, J., Inflation and taxation with optimizing governments (1990) Journal of Money Credit and Banking, 22, pp. 1-18
  • Rotemberg, J., A monetary equilibrium model with transactions costs (1984) Journal of Political Economy, 92, pp. 40-58
  • Svensson, L., Money and asset prices in cash-in-advance economies (1983) Journal of Political Economy, 93, pp. 914-944
  • Tobin, J., The interest elasticity of the transactions demand for cash (1956) Review of Economic Studies
  • Townsend, R., Models of money with spatially separated agents (1980) Models of Monetary Economies, , In: Kareken, J., Wallace N. Federal Reserve Bank of Minncapolis, Minneapolis, MN
  • Wallace, N., The overlapping generations model of fiat money (1980) Models of Monetary Economies, , In: Kareken, J., Wallace N. Federal Reserve Bank of Minncapolis, Minneapolis, MN

Citas:

---------- APA ----------
(1998) . More on the time consistency of monetary policy. Journal of Monetary Economics, 41(2), 333-350.
http://dx.doi.org/10.1016/S0304-3932(97)00079-2
---------- CHICAGO ----------
Nicolini, J.P. "More on the time consistency of monetary policy" . Journal of Monetary Economics 41, no. 2 (1998) : 333-350.
http://dx.doi.org/10.1016/S0304-3932(97)00079-2
---------- MLA ----------
Nicolini, J.P. "More on the time consistency of monetary policy" . Journal of Monetary Economics, vol. 41, no. 2, 1998, pp. 333-350.
http://dx.doi.org/10.1016/S0304-3932(97)00079-2
---------- VANCOUVER ----------
Nicolini, J.P. More on the time consistency of monetary policy. J. Monet. Econ. 1998;41(2):333-350.
http://dx.doi.org/10.1016/S0304-3932(97)00079-2