Credibility and Flexibility with Monetary Policy Committees

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  • 1 January 2002
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      • Published in RePEc
Abstract
We consider independent monetary policy committees as a simple way of attaining relatively low inflation without completely sacrificing an activist role of monetary policy. If central banker¡¦s types are unknown, then for a wide range of parameters an independent monetary policy committee is better than either a mandated zero-inflation rule or discretionary policy conducted by an opportunistic central banker.
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