Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal … optimal inflation rate internalizing this distortion is positive, but lack of monetary commitment robustly generates too much … inflation. A conservative monetary authority thus remains desirable. Exclusive focus on inflation by the central bank recoups …

We reconsider the role of an inflation conservative central banker in a setting with distortionary taxation. To do so … two authorities make policy decisions simultaneously, inflation conservatism causes fiscal overspending. But if fiscal … policy is determined before monetary policy, inflation conservatism imposes fiscal discipline. These results clarify that in …

We reconsider the role of an inflation conservative central banker in a setting with distortionary taxation. To do so … two authorities make policy decisions simultaneously, inflation conservatism causes fiscal overspending. But if fiscal … policy is determined before monetary policy, inflation conservatism imposes fiscal discipline. These results clarify that in …

We reconsider the role of an inflation conservative central banker in a setting with distortionary taxation. To do so … two authorities make policy decisions simultaneously, inflation conservatism causes fiscal overspending. But if fiscal … policy is determined before monetary policy, inflation conservatism imposes fiscal discipline. These results clarify that in …

Does an inflation conservative central bank agrave; la Rogoff (1985) remain desirable in a setting with endogenous … spending. The optimal inflation rate internalizing this distortion is positive, but lack of monetary commitment robustly … generates too much inflation. A conservative monetary authority thus remains desirable. Exclusive focus on inflation by the …

We reconsider the role of an inflation conservative central banker in a setting with distortionary taxation. To do so … two authorities make policy decisions simultaneously, inflation conservatism causes fiscal overspending. But if fiscal … policy is determined before monetary policy, inflation conservatism imposes fiscal discipline. These results clarify that in …

Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal … optimal inflation rate internalizing this distortion is positive, but lack of monetary commitment robustly generates too much … inflation. A conservative monetary authority thus remains desirable. When fiscal policy is determined before monetary policy …

? inability to commit in advance to future policies gives rise to excessive inflation and excessive public spending, resulting in … authority, which dislikes inflation more than society does, can considerably reduce these welfare losses and that optimally the … monetary authority is predominantly concerned about inflation. Full conservatism, i.e., exclusive concern about inflation …

' inability to commit in advance to future policies gives rise to excessive inflation and excessive public spending, resulting in … authority, which dislikes inflation more than society does, can considerably reduce these welfare losse and that optimally the … monetary authority is predominatly concerned about inflation. Full conservatism, i.e., exclusive concern about inflation …