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Opportunistic monetary policy: An alternative rationalization

Minford, Anthony Patrick Leslie and Srinivasan, Naveen 2006. Opportunistic monetary policy: An alternative rationalization. Journal of Economics and Business 58 (5-6) , pp. 366-372. 10.1016/j.jeconbus.2006.06.006

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Abstract

This paper offers an alternativerationalization for opportunistic behaviour, i.e., a gradual disinflation strategy where policymakers react asymmetrically to supply shocks, opting to disinflate only in recessionary period. Specifically, we show that adaptive expectations combined with asymmetry in the Phillips curve of a specific sort together provide an optimizing justification for opportunism. However, the empirical basis for these conditions to be satisfied in the current low-inflation context of most OECD countries remains however to be established.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
H Social Sciences > HF Commerce
H Social Sciences > HG Finance
Uncontrolled Keywords: Deliberate disinflation; Opportunistic disinflation
Publisher: Elsevier
ISSN: 0148-6195
Last Modified: 04 Jun 2017 04:34
URI: http://orca-mwe.cf.ac.uk/id/eprint/41097

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