Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Oct-2001 - Nov-2016

Category > Management Posted 02 Feb 2018 My Price 5.00

delegation of control

The tradeoff between low average inflation and flexibility in response to shocks with delegation of control over monetary policy. (Rogoff, 1985.) Suppose that output is given by  and that the social welfare function is γ y − aπ2/2, where γ is a random variable with mean γ and variance σ2γ . πe is determined before γ is observed; the policymaker, however, chooses π after γ is known. Suppose policy is made by someone whose objective function is cγ y − aπ2/2.

(a) What is the policymaker’s choice of π given πe, γ , and c?

(b) What is πe?

(c) What is the expected value of the true social welfare function, γ y − aπ2/2?

(d) What value of c maximizes expected social welfare? Interpret your result.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Feb 2018 07:02 PM My Price 5.00

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