Konferenzbeitrag

Central bank independence and conservatism under uncertainty: Substitutes or complements?

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.

Language: Englisch

Bibliographic citation: Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Monetary Policy Rules and Institutions ; No. B16-V3

Classification: Wirtschaft
Monetary Policy
Central Banks and Their Policies
International Monetary Arrangements and Institutions

Subject: Central bank independence
Conservatism
Transparency of monetary policy

Event: Geistige Schöpfung

(who): Hefeker, Carsten
Zimmer, Blandine

Event: Veröffentlichung

(who): Verein für Socialpolitik

(where): Frankfurt a. M.

(when): 2010

Handle: http://hdl.handle.net/10419/37158

Last update: 10.03.2025, 11:42 AM CET

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Object type

Konferenzbeitrag

Associated

Hefeker, Carsten
Zimmer, Blandine
Verein für Socialpolitik

Time of origin

2010

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Central bank independence and conservatism under uncertainty: Substitutes or complements?

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