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Optimal Discretionary Monetary Policy in a Model of Asymmetric Central Bank Preferences

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  • A. Robert Nobay
  • David A. Peel

Abstract

This paper considers optimal monetary policy in the context of the central bank adopting an asymmetric objective function. Our results show that under asymmetric preferences, many of the extant results on the time consistency problem need no longer hold. Copyright 2003 Royal Economic Society.

Suggested Citation

  • A. Robert Nobay & David A. Peel, 2003. "Optimal Discretionary Monetary Policy in a Model of Asymmetric Central Bank Preferences," Economic Journal, Royal Economic Society, vol. 113(489), pages 657-665, July.
    • Handle: RePEc:ecj:econjl:v:113:y:2003:i:489:p:657-665
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