Dokument
Titel: | Central bank independence and conservatism under uncertainty: Substitutes or complements? |
Autor: | Hefeker, Carsten |
Weitere Verfasser: | Zimmer, Blandine |
Veröffentlicht: | 2010 |
URI: | https://archiv.ub.uni-marburg.de/es/2024/0031 |
URN: | urn:nbn:de:hebis:04-es2024-00318 |
DOI: | https://doi.org/10.17192/es2024.0031 |
ISSN: | 1867-3678 |
DDC: | 330 Wirtschaft |
Publikationsdatum: | 2024-01-02 |
Lizenz: | https://creativecommons.org/publicdomain/mark/1.0 |
Schlagwörter: |
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Central bank independence, Transparency of monetary policy., Conservatism |
Summary:
This paper revisits the trade-off between central bank indepen- dence and conservatism using a New Keynesian model with uncertainty about the central banker's output gap target. It is shown that when this uncertainty is high, the trade-off no longer holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity.
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