2005
DOI: 10.1017/s1365100505040253
View full text
|
|
Michael Woodford,
CARL E. WALSH

Abstract: The evolution of research on monetary policy over the past two decades has been dramatic. The 1980's through the mid-1990's were dominated by work building on the insights of Kydland and Prescott, employing the notion of dynamic consistency to offer a theory of monetary policy, one in which discretionary policy by central banks led to socially costly inflation. Researchers studied the nature of the time inconsistency of monetary policy and developed solutions, ranging from appointing conservatives, to developi… Show more

Help me understand this page

Search citation statements

Order By: Relevance

Paper Sections

0
0
0
0
0

Citation Types

102
3,975
6
104

Publication Types

Select...

Relationship

0
0

Authors

Journals