Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 02 Feb 2018 My Price 6.00

dynamic-inconsistency problem

Solving the dynamic-inconsistency problem through punishment. (Barro and Gordon, 1983.) Consider a policymaker whose objective function is  is determined by the Lucas supply curve, (11.53), each period. Expected inflation is determined as follows. If π has equaled ˆπ (where ˆπ is a parameter) in all previous periods, then πe = πˆ. If π ever differs from ˆπ, then πe = b/a in all later periods.

(a) What is the equilibrium of the model in all subsequent periods if π ever differs from ˆπ?

(b) Suppose π has always been equal to ˆπ, so πe = πˆ. If the monetary authority chooses to depart from π = πˆ, what value of π does it choose? What level of its lifetime objective function does it attain under this strategy? If the monetary authority continues to choose π = πˆ every period, what level of its lifetime objective function does it attain?

(c) For what values of ˆπ does the monetary authority choose π = πˆ? Are there values of a, b, and β such that if ˆπ = 0, the monetary authority chooses π = 0?

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Maurice Tutor
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Status NEW Posted 02 Feb 2018 07:02 PM My Price 6.00

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