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Central bank independence and conservatism under uncertainty: Substitutes or complements?
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...
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| Publicado no: | MAGKS - Joint Discussion Paper Series in Economics (Band 01-2010) |
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| Autoren: | , |
| Formato: | Arbeit |
| Idioma: | inglês |
| Publicado em: |
Philipps-Universität Marburg
2010
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| Assuntos: | |
| Acesso em linha: | Texto integral em PDF |
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MAGKS - Joint Discussion Paper Series in Economics