Eijffinger, Sylvester; Hoeberichts, M.M.; Schaling, E. - Tilburg University, Center for Economic Research - 1995
In Rogoff (1985) it is shown that society can make itself better off by appointing a central banker who places an additional weight on in ation rate stabilization relative to employment stabilization. Using an envelope theorem, Rogoff shows that this additional weight must be positive and...