Resumé
Originalsprog | Engelsk |
---|---|
Tidsskrift | Scottish Journal of Political Economy |
Vol/bind | 65 |
Udgave nummer | 1 |
Sider (fra-til) | 97-104 |
Antal sider | 8 |
ISSN | 0036-9292 |
DOI | |
Status | Udgivet - feb. 2018 |
Citer dette
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Conservative Central Banks : How Conservative Should a Central Bank Be? / Hallett, Andrew Hughes ; Proske, Lorian D.
I: Scottish Journal of Political Economy, Bind 65, Nr. 1, 02.2018, s. 97-104.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › peer review
TY - JOUR
T1 - Conservative Central Banks
T2 - How Conservative Should a Central Bank Be?
AU - Hallett, Andrew Hughes
AU - Proske, Lorian D.
PY - 2018/2
Y1 - 2018/2
N2 - Using Rogoff's, 1985 model, we determine how inflation averse a central banker should be, given the level of volatility and projected output gap in the economy. We confirm a strong degree of conservatism, almost twice what society would have chosen. But, for a range of developing countries and the OECD, economies that systematically experience higher levels of output volatility would do best to hire a central banker who is more inflation averse than society, but less so than in stable developed economies. Thus, while a conservative central banker remains desirable, the trade‐off is with output volatility rather than with the output gap itself.
AB - Using Rogoff's, 1985 model, we determine how inflation averse a central banker should be, given the level of volatility and projected output gap in the economy. We confirm a strong degree of conservatism, almost twice what society would have chosen. But, for a range of developing countries and the OECD, economies that systematically experience higher levels of output volatility would do best to hire a central banker who is more inflation averse than society, but less so than in stable developed economies. Thus, while a conservative central banker remains desirable, the trade‐off is with output volatility rather than with the output gap itself.
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U2 - 10.1111/sjpe.12149
DO - 10.1111/sjpe.12149
M3 - Journal article
VL - 65
SP - 97
EP - 104
JO - Scottish Journal of Political Economy
JF - Scottish Journal of Political Economy
SN - 0036-9292
IS - 1
ER -