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The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation

Staff Working Paper 2004-37 Jean-Paul Lam, Florian Pelgrin
In two recent papers, Jensen (2002) and Walsh (2003), using a hybrid New Keynesian model, demonstrate that a regime that targets either nominal income growth or the change in the output gap can effectively replicate the outcome under commitment and hence reduce the size of the stabilization bias.
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