Eijffinger, Sylvester; Schaling, E. - Tilburg University, Center for Economic Research - 1995
Using a graphical method, a new way of determining the optimal degree of central bank conservativeness is developed in this paper. Unlike Lohmann (1992) and Rogoff (1985), we are able to express the upper and lower bounds of the interval containing the optimal degree of conservativeness in terms...