The Impact of Imperfect Credibility in a Transition to Price Stability
研究向价格稳定过渡时，暂时缺乏可信度对产出损失和最优通缩速度的影响，并探讨了不完全可信度下“通缩繁荣”是否消失，以及沃尔克通缩速度是否过快。
In this paper we study the impact of a temporary lack of credibility in a transition to price stability.We quantify the effects of a period of disinflation on temporary output losses, and the impact of the lack of credibility on the \noptimal speed of disinflation. We demonstrate that the “disinflationary booms” found by Ball (1994) and Ireland (1997) may or may not disappear in an environment with imperfect credibility, depending on the speed of learning relative to the speed of disinflation. Finally, we enquire whether the speed of the Volcker disinflation was excessive or not.