Excessive inflation is usually attributed to the lack of central bank's credibility. In this context, most of the … literature considers transparency a means to establish central bank's credibility. The contribution of this paper is twofold …. First, it shows that, even in the absence of inflationary bias, a credible central bank may find it optimal to implement an …

OPTIMThe conservative central banker has come under attack recently. Explicitly modeling the interaction of a trade … discussion in a standard trade union model. We show that the case against the conservative central banker rests exclusively on … welfare gain associated with making the central bank less conservative than society, however if the outside option is in real …

central banks. In line with the survey of Alan Blinder among central bankers, we asked participants in Ifo s World Economic … history of honesty and a high level of central bank independence. According to our respondents, the Federal Reserve is the … most credible, transparent and independent central bank out of seven large central banks. The ECB is not perceived as …