Journal of Economic Research, 第 5 卷Hanyang Economic Research Institute in collaboration with Hanyang University College of Business and Economics, 2000 |
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第 1 到 3 筆結果,共 20 筆
第 62 頁
2.2 Delegation of Monetary Policy under Central Bank Preference Uncertainty We assume now that monetary policy is delegated to an instrument independent central bank . Like BJ , we also assume that central bank preferences are uncertain ...
2.2 Delegation of Monetary Policy under Central Bank Preference Uncertainty We assume now that monetary policy is delegated to an instrument independent central bank . Like BJ , we also assume that central bank preferences are uncertain ...
第 65 頁
... Delegation Following BJ we suppose that a policymaker considers whether to delegate monetary policy to the central ... Delegation will be preferred to discretion when ELG , Delegation ELG , Discretion , which is the case if ( 1 + X ) ( X ...
... Delegation Following BJ we suppose that a policymaker considers whether to delegate monetary policy to the central ... Delegation will be preferred to discretion when ELG , Delegation ELG , Discretion , which is the case if ( 1 + X ) ( X ...
第 70 頁
... Delegation ) = \ k2 yn + ( 4 ) + Xo ? 2 ? ( 50 ) 3.4 Comparison of Discretion with Delegation The net benefits of delegation over discretion are obtained by sub- tracting equation ( 47 ) from equation ( 36 ) . This gives : 2,2 ( ELG , ...
... Delegation ) = \ k2 yn + ( 4 ) + Xo ? 2 ? ( 50 ) 3.4 Comparison of Discretion with Delegation The net benefits of delegation over discretion are obtained by sub- tracting equation ( 47 ) from equation ( 36 ) . This gives : 2,2 ( ELG , ...
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