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http://hdl.handle.net/10419/37158
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| Title: | | Central bank independence and conservatism under uncertainty: Substitutes or complements?  |
| Authors: | | Hefeker, Carsten Zimmer, Blandine |
| Issue Date: | | 2010 |
| Series/Report no.: | | Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Monetary Policy Rules and Institutions B16-V3 |
| Abstract: | | This paper revisits the trade-off between central bank independence 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. |
| Subjects: | | Central bank independence Conservatism Transparency of monetary policy |
| JEL: | | E52 E58 F33 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie
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