Comment on 'Market discipline and monetary policy' by Carl Walsh

被引：0
|
作者：
Bugarin, MS [1 ]
de Carvalho, FA [1 ]
机构：
[1] Univ Brasilia, Dept Econ, BR-70910900 Brasilia, DF, Brazil
来源：
OXFORD ECONOMIC PAPERS-NEW SERIES | 2005年 / 57卷 / 04期
关键词：
D O I：
10.1093/oep/gpi033
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper shows that the results Walsh (2000, Market discipline and monetary policy, Oxford Economic Papers, 52, 249-71) obtains are highly sensitive to the assumption that different wage contracts are based on different information sets even though they are negotiated simultaneously. In particular, the power of future expectations to discipline an opportunistic central banker is much weaker when homogeneous information sets are used.
引用
收藏
页码：732 / 739
页数：8
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