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George Christodoulakis and David Peel
''The Central Bank Inflation Bias in the Presence of Asymmetric Preferences and Non-Normal Shocks''
( 2009, Vol. 29 No.3 )
We investigate the nature of the inflation bias in a model that exhibits asymmetries in preferences and non–normality in shocks but simplifies to the classic Barro-Gordon problem as a special case. The inflation bias is shown to depend on the trade-off between preference, structural and the scale and shape parameters of the model.
JEL: E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : Aug 12 2008 Manuscript Accepted : Jul 07 2009

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