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MAGKS Joint Discussion Paper Series in Economics, Universität Marburg >
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http://hdl.handle.net/10419/56582
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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.: | | Joint discussion paper series in economics 01-2010 |
| Abstract: | | This paper revisits the trade-of 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-of 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 |
| Document Type: | | Working Paper |
| Appears in Collections: | | MAGKS Joint Discussion Paper Series in Economics, Universität Marburg
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