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Scorcu, Antonello Eugenio
Year of Publication: 
Series/Report no.: 
Quaderni - Working Paper DSE No. 110
Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE), Bologna
Abstract (Translated): 
This work extends the analysis of time inconsistency in monetary policy to the case of serial correlation in the level of production. In the one-shot discretionary equilibrium Inflation is higher than in the Barro-Gordon case. Over an infinite horizon, output persistence makes the conditions for a reputational equilibrium more likely to be met.
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Working Paper

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