Delegation in international monetary policy games
AbstractIn this paper we show that the delegation of monetary policy to an independent and more conservative central banker is an optimal policy in an international context with monetary spillovers between countries, even in the absence of time inconsistency (credibility) issues. We also study the welfare implications of delegating monetary policy and extend our analysis to incorporate the coordination of monetary policies.
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Bibliographic InfoArticle provided by Elsevier in its journal European Economic Review.
Volume (Year): 38 (1994)
Issue (Month): 5 (May)
Contact details of provider:
Web page: http://www.elsevier.com/locate/eer
Other versions of this item:
- Dolado, Juan J. & Griffiths, Mark & Padilla, Atilano Jorge, 1993. "Delegation in International Monetary Policy Games," CEPR Discussion Papers 761, C.E.P.R. Discussion Papers.
- Dolado, Juan José & Griffiths, Mark & Padilla, A. Jorge, 1994. "Delegation in International Monetary Policy Games," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/3314, Universidad Carlos III de Madrid.
- 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
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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