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 |
| 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, Conservatism, Transparency of monetary policy. |
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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