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Uncertainty in the Central Bank's weight on output: some new results

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  • D. A. Peel

Abstract

The purpose in this letter is to demonstrate the implications of uncertainty in the weight the Central Bank attaches to output for expected inflation, linear inflation contracts and inflation targets.

Suggested Citation

  • D. A. Peel, 1999. "Uncertainty in the Central Bank's weight on output: some new results," Applied Economics Letters, Taylor & Francis Journals, vol. 6(10), pages 659-662.
    • Handle: RePEc:taf:apeclt:v:6:y:1999:i:10:p:659-662
    DOI: 10.1080/135048599352457
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    References listed on IDEAS

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    1. Schaling, E. & Hoeberichts, M.M. & Eijffinger, S.C.W., 1998. "Incentive Contracts for Central Bankers under Uncertainty : Walsh-Svensson Non-Equivalence Revisited," Other publications TiSEM 136335cb-d3f9-4b0b-b9ec-4, Tilburg University, School of Economics and Management.
    2. Charles Nolan & Eric Schaling, 1996. "Monetary Policy Uncertainty and Central Bank Accountability," Bank of England working papers 54, Bank of England.
    3. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Aug), pages 9-110.
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