Rogoff revisited: The conservative central banker proposition under active fiscal policies
The paper re-examines Rogoff's [Rogoff, K., 1985. The Optimal Degree of Commitment to an Intermediate Monetary Target. Quarterly Journal of Economics 100, 1169-1189.] influential monetary policy result. It shows that responses of a conservative central banker and the resulting macroeconomic outcomes may be substantially different if interactions with (ambitious) fiscal policy are taken into account.
Year of publication: |
2009
|
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Authors: | Hughes Hallett, Andrew ; Libich, Jan ; StehlĂk, Petr |
Published in: |
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 104.2009, 3, p. 140-143
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Publisher: |
Elsevier |
Keywords: | Conservative central banker Monetary and fiscal policy interaction Inflation Deficit Debt |
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