Central Bank Credibility: An Historical and Quantitative Exploration
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"Central Bank Credibility: An Histor..." refers background in this paper
...Eggertsson, G., and M. Woodford (2003), “The Zero Bound on Interest Rates and Optimal Monetary Policy”, Brookings Papers on Economic Activity 34: 139-211....
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...We begin with the case where interest rates are not smoothed and equation (1.1) augmented by a ‘speed limit’ term (e.g., see Woodford 2003) that corrects for measurement type errors in specification via the addition of an output growth term....
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...Woodford (2003) demonstrates that some history dependence is required to implement policy in a stable fashion....
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...Of course, as Eggertsson and Woodford (2003) point out that: “…the power of the expectations channel of monetary policy is highly sensitive to the precise manner in which expectations are formed…” As a result, there is the possibility that our definition concerns how well central banks have…...
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