welfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservatism. …

demand channel of monetary policy, but not both. This leads to two opposing views about the effects of central bank … central bank. We also evaluate the effects of centralization of wage bargaining and product market competition on unemployment …

In the recent economic literature the independence of the central bank is often considered to be one of the most … delegation given to an independent central bank is an optimal instrument to avoid the time inconsistency problem of monetary ….e. the trade unions) and the public sector (i.e. the central bank) simultaneously interact. A representative monopoly union …