The effects of different institutional arrangements for the central bank are examined in the presence of economic shocks and uncertainty about the central banker's and the medianvoter's inflation target. A contract which is based on self-imposed monetary target announcements proves to be...

While monetary policy decisions are mainly taken by Committees (as is the case for the ECB, or for the Federal Reserve), the literature largely stands on the ...ction of a single central banker, be it (or not) a conservative one. The purpose here is to consider explicitly the plural dimension of...