Duisenberg and Trichet: Measures of their Degree of Conservatism
AbstractThis paper suggests, on the basis of the New Keynesian model, a measure of the degree of conservatism of the European Central Banker. At first, we notice that the appointment of the President of the European Central Bank was made after substantive disagreements about the degree of conservatism (institutional and personal) of the candidates. Secondly, we apply this measure to the change of presidency (from Duisenberg to Trichet) in order to explore the possibility of a step change in the conduct of the ECB?s monetary policy. Finally, our results show that once appointed, the two Central Bankers adapted to the institutional framework in which they made decisions. JEL Classification : E52, E58
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Bibliographic InfoArticle provided by De Boeck Université in its journal Recherches économiques de Louvain.
Volume (Year): 76 (2010)
Issue (Month): 2 ()
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Web page: http://www.cairn.info/revue-recherches-economiques-de-louvain.htm
degree of conservatism; European Central Bank; monetary policy;
Other versions of this item:
- Ibrahima Diouf & Dominique Pépin, 2010. "Duisenberg and Trichet : Measures of their Degree of Conservatism," Discussion Papers (REL - Recherches Economiques de Louvain) 2010021, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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