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Politics : Welcome to Slider's Dugout
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From: c.hinton10/14/2006 6:05:37 AM
   of 50673
 
"Could the possibility of high inflation episodes be an inherent feature of discretionary monetary policy?"
federalreserve.gov

this paper deals with inflation expectations and descretionary monetary policy.
It is one of several that have appeared in CB publications this year.
Bottom line,again,it is the FEDs credibility as an inflation fighted that is most important in containing inflation.
that credibility is and will continue to be on the line for the near future....dont count on interest rate cuts,dont be suprised by interest rate hikes.
ps premise and conclusion are the choicest bits.
pss. what does descetionary mean?...try to infer it from the following.....

" society can implement the optimal policy simply by legislating an inflation cap that specifies
the highest allowable inflation rate. The more severe is the time inconsistency problem, the more
tightly the cap constrains policy and, hence, the smaller is the degree of DESCRETION. As this problem
becomes sufficiently severe, the optimal degree of DESCRETION is none at all."
ecb.int
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