Optimal Discretionary Monetary Policy in a Model of Asymmetric Central Bank Preferences
研究中央银行采用非对称目标函数时的最优货币政策，发现非对称偏好下许多关于时间一致性的现有结论不再成立。
This paper considers optimal monetary policy in the context of the central bank adopting an asymmetric objective function. Our results show that under asymmetric preferences, many of the extant results on the time consistency problem need no longer hold.