Central Bank of Brazil Working Paper Series

RESEARCH - Optimal Monetary Policy, Gains from Commitment, and inflation persistence by Andre Minella, Central Bank of Brazil, August 2002.

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Using a New Keynesian framework, this paper compares the effects on the welfare of optimal monetary policies under commitment and discretion, and examines the consequences of the presence of inflation persistence. A policy under commitment generates a better weighted average of the variances of output and inflation ("dynamic

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