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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

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

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

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

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

Measuring effective monetary policy conservatism

Berlemann, Michael; Hielscher, Kai - 2009

combinations of central bank independence and conservatism. Most of the existing empirical studies concentrate on measuring legal … or factual central bank independence thereby neglecting the degree of conservatism of the monetary authorities. In this … paper we show how a joint empirical measure of central bank independence and conservatism can be derived from factual …

Persistent link: https://www.econbiz.de/10010270388

Federal monetary policy

Hefeker, Carsten - 2001

What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...

Persistent link: https://www.econbiz.de/10011398004

The perils of technocratic power : central bank discretion and the end of bretton woods revisited

Sahasrabuddhe, Aditi; Seddon, Jack - 2025

Recent crises have cast doubt on the legitimacy of technocratic power, yet its role in global economic governance remains poorly understood. Revisiting the collapse of Bretton Woods, we propose a dynamic theory of global monetary governance to explain how expanding central bank discretion can...

Persistent link: https://www.econbiz.de/10015373779

The inflationary consequences of prioritising central bank profits

Gebauer, Stefan; Pool, Sebastiaan; Schumacher, Julian - 2024

This paper examines the impact of rising interest rates on central bank profitability. Using a stylized income model, we demonstrate that changes in interest rates in combination with expansive balance sheet policies introduce a cyclical component into the central bank's profit and loss...

Persistent link: https://www.econbiz.de/10015176976

Is monetary policy overburdened?

Orphanides, Athanasios - 2013

Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of...

Persistent link: https://www.econbiz.de/10010400888