Arbeitspapier

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: Volkswirtschaftliche Diskussionsbeiträge ; No. 140-10

Classification: Wirtschaft
Monetary Policy
Central Banks and Their Policies

Subject: central bank independence
conservatism
transparency of monetary policy
Geldpolitik
Regelgebundene Politik
Zentralbankautonomie
Entscheidung bei Unsicherheit
Staatliche Information
Ungleichgewichtstheorie
Theorie

Event: Geistige Schöpfung

(who): Hefeker, Carsten
Zimmer, Blandine

Event: Veröffentlichung

(who): Universität Siegen, Fakultät III, Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht

(where): Siegen

(when): 2010

Handle: http://hdl.handle.net/10419/41088

Last update: 10.03.2025, 11:43 AM CET

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Object type

Arbeitspapier

Associated

Hefeker, Carsten
Zimmer, Blandine
Universität Siegen, Fakultät III, Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht

Time of origin

2010

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

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