Testing Commitment Models of Monetary Policy: Evidence from OECD Economies
检验了简单的时间不一致性货币政策模型能否解释OECD国家的通胀历史，发现该模型仅适用于美国，而通胀从美国溢出到其他国家的汇率目标模型得到有限支持。
Inflation in many Organisation for Economic Co‐operation and Development (OECD) countries was low in the 1960s, rose for a time before peaking in the 1970s or early 1980s, and then fell back to initial levels. This paper shows that a simple time inconsistency model of monetary policy does not explain OECD inflation outcomes, except in the United States. The hypothesis that time inconsistency mattered only in earlier decades fits the data no better than the baseline model. We find some, albeit limited support for a model in which inflation spills over from the United States into other countries as a result of exchange rate targeting.