Better Monetary Control May Increase the Inflationary Bias of Policy
研究了货币控制不完美以及产出与通胀权衡的不确定性对相机抉择政策的影响，探讨了货币增长控制不完美如何影响政策制定者制造意外的激励、最优货币政策以及通胀影响产出程度的不确定性的福利效应。
Explores the implications of imperfect monetary control and uncertainty about the trade-off between output and inflation to discretionary policy. Impact of imperfect control of money growth on policymakers' incentive to create surprises; Consequences of imperfect control of money growth for optimal monetary policy; Welfare effects of uncertainty about the extent to which inflation affect output.