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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
This paper revisits the trade-off between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10010271489
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
This paper revisits the trade-of between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10010286421
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - Fakultät Wirtschaftswissenschaften, … - 2010
This paper revisits the trade-off between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10008497871
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - Volkswirtschaft Abteilung, Fachbereich … - 2010
This paper revisits the trade-off between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10008552469
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Independence, conservatism and beyond : Central Bank design and central banker preferences in monetary policy economics (1981-2019)
Masciandaro, Donato - 2020
Using a political economy approach, this paper sheds light on how two factors – central bankers' preferences and the central bank's design – progressively assumed a crucial role in the evolution of monetary policy economics in the last four decades. The two factors jointly identify the...
Persistent link: https://www.econbiz.de/10012210741
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Optimal Conservatism and Collective Monetary Policymaking Under Uncertainty
Hefeker, Carsten - 2014
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee … (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated … by the presence of uncertainty about the committee members' output objective. We show how this need for conservatism …
Persistent link: https://www.econbiz.de/10013047346
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Building the Foundations for a New Central Bank Doctrine : Redefining Central Banks’ Missions in the 21st Century
Pichet, Eric - 2013
The 2007-2008 financial crisis demonstrated both the responsibilities that central bankers, alongside other actors, bear for turbulences of this kind as well as how economics can be used to provide central bankers and governments with the understanding and tools that they need to prevent the...
Persistent link: https://www.econbiz.de/10014160305
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain … bank's degree of inde-pendence and conservatism so as to minimise society's loss function. We find that the optimal … combination between independence and conservatism is not necessarily characterised by substitutability. When uncertainty about the …
Persistent link: https://www.econbiz.de/10010274857
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Central Bank Independence and Conservatism under Uncertainty: Substitutes or Complements?
Hefeker, Carsten; Zimmer, Blandine - CESifo - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain … bank's degree of inde-pendence and conservatism so as to minimise society's loss function. We find that the optimal … combination between independence and conservatism is not necessarily characterised by substitutability. When uncertainty about the …
Persistent link: https://www.econbiz.de/10008833933
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What bird is that? : central banking and monetary policy in the last forty years
Masciandaro, Donato - 2020
The aim of this paper is to review the historical development of monetary policy theory since the 1980s using as focal point the nexus among central bank governance, central banker preferences and monetary policy effectiveness. Assuming a positive perspective the review highlights three...
Persistent link: https://www.econbiz.de/10012210748