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Optimal monetary policy cooperation through state-independent contracts with targets

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  • Jensen, Henrik

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Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 44 (2000)
Issue (Month): 3 (March)
Pages: 517-539

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Handle: RePEc:eee:eecrev:v:44:y:2000:i:3:p:517-539

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References

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  1. Herrendorf, Berthold & Lockwood, Ben, 1996. "Rogoff's Conservative Central Banker Restored," The Warwick Economics Research Paper Series (TWERPS) 450, University of Warwick, Department of Economics.
  2. Laskar, Daniel, 1993. "The role of a fixed exchange rate system when central bankers are independent," Journal of International Money and Finance, Elsevier, Elsevier, vol. 12(3), pages 319-331, June.
  3. Laskar Daniel, 1987. "Conservative central bankers in a two-country world," CEPREMAP Working Papers (Couverture Orange) 8705, CEPREMAP.
  4. Torsten Persson & Guido Tabellini, . "Monetary Cohabitation in Europe," Working Papers 96, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  5. Meyer, Margaret A & Vickers, John, 1995. "Performance Comparisons and Dynamic Incentives," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1107, C.E.P.R. Discussion Papers.
  6. Dolado, Juan J. & Dolado, Juan J. & Griffiths, Mark & Padilla, A. Jorge & Padilla, A. Jorge, 1994. "Delegation in international monetary policy games," European Economic Review, Elsevier, Elsevier, vol. 38(5), pages 1057-1069, May.
  7. Fershtman, Chaim & Judd, Kenneth L & Kalai, Ehud, 1991. "Observable Contracts: Strategic Delegation and Cooperation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(3), pages 551-59, August.
  8. Beetsma, Roel M W J & Jensen, Henrik, 1998. "Inflation Targets and Contracts with Uncertain Central Banker Preferences," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 30(3), pages 384-403, August.
  9. Bovenberg, A.L. & Beetsma, R.M.W.J., 1997. "Central Bank independence and public debt policy," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74443, Tilburg University.
  10. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 100(4), pages 1169-89, November.
  11. Charles Goodhart & José Viñals, 1994. "Strategy and Tactics of Monetary Policy: Examples from Europe and the Antipodes," Banco de Espa�a Working Papers 9425, Banco de Espa�a.
  12. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(3), pages 473-91, June.
  13. repec:fth:baesse:9425 is not listed on IDEAS
  14. Svensson, L.E.O., 1995. "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," Papers, Stockholm - International Economic Studies 595, Stockholm - International Economic Studies.
  15. Robert J. Barro & David B. Gordon, 1981. "A Positive Theory of Monetary Policy in a Natural-Rate Model," NBER Working Papers 0807, National Bureau of Economic Research, Inc.
  16. McCallum, Bennett T, 1995. "Two Fallacies Concerning Central-Bank Independence," American Economic Review, American Economic Association, American Economic Association, vol. 85(2), pages 207-11, May.
  17. Jensen, Henrik, 1997. "Credibility of Optimal Monetary Delegation," American Economic Review, American Economic Association, American Economic Association, vol. 87(5), pages 911-20, December.
  18. Persson, Torsten & Tabellini, Guido, 1993. "Designing institutions for monetary stability," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 39(1), pages 53-84, December.
  19. Rogoff, Kenneth, 1985. "Can international monetary policy cooperation be counterproductive?," Journal of International Economics, Elsevier, Elsevier, vol. 18(3-4), pages 199-217, May.
  20. José Viñals & Charles Goodhart, 1994. "Strategy and Tactics of Monetary Policy: Examples from Europe and the Antipodes," FMG Special Papers, Financial Markets Group sp61, Financial Markets Group.
  21. Canzoneri, Matthew B. & Henderson, Dale W., 1988. "Is sovereign policymaking bad?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 28(1), pages 93-140, January.
  22. Canzoneri, Matthew B & Nolan, Charles & Yates, Anthony, 1997. "Mechanisms for Achieving Monetary Stability: Inflation Targeting versus the ERM," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 29(1), pages 46-60, February.
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Citations

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Cited by:
  1. Maurice Obstfeld & Kenneth Rogoff, 2003. "Global Implications of Self-Oriented National Monetary Rules," Macroeconomics, EconWPA 0303018, EconWPA.
  2. Alho, Kari, 2002. "The Stability Pack and Inefficiencies in Fiscal Policy Making in EMU," Discussion Papers, The Research Institute of the Finnish Economy 715, The Research Institute of the Finnish Economy.
  3. Chortareas, Georgios E & Miller, Stephen M, 2003. " Central Banker Contracts, Incomplete Information, and Monetary Policy Surprises: In Search of a Selfish Central Banker?," Public Choice, Springer, Springer, vol. 116(3-4), pages 271-95, September.
  4. Gartner, Manfred, 2000. " Political Macroeconomics: A Survey of Recent Developments," Journal of Economic Surveys, Wiley Blackwell, Wiley Blackwell, vol. 14(5), pages 527-61, December.
  5. Florin Bilbiie, 2005. "The Utopia of Implementing Monetary Policy Cooperation through Domestic Institutions," Economics Papers 2005-W13, Economics Group, Nuffield College, University of Oxford.
  6. Gianluca Benigno & Pierpaolo Benigno, 2004. "Designing target rules for international monetary policy cooperation," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 3759, London School of Economics and Political Science, LSE Library.
  7. Benigno, Gianluca & Benigno, Pierpaolo, 2006. "Designing targeting rules for international monetary policy cooperation," Journal of Monetary Economics, Elsevier, Elsevier, vol. 53(3), pages 473-506, April.
  8. Campoy, Juan Cristobal & Negrete, Juan Carlos, 2007. "A decentralized and state-independent mechanism for internalizing international monetary policy spillovers," Economics Letters, Elsevier, vol. 94(3), pages 326-331, March.
  9. Dixit, Avinash, 2001. "Games of monetary and fiscal interactions in the EMU," European Economic Review, Elsevier, Elsevier, vol. 45(4-6), pages 589-613, May.
  10. Francesca Castellani & Xavier Debrun, 2001. "Central Bank Independence and the Design of Fiscal Institutions," IMF Working Papers 01/205, International Monetary Fund.
  11. Maurice Obstfeld & Kenneth Rogoff, 2000. "Do We Really Need a New International Monetary Compact?," NBER Working Papers 7864, National Bureau of Economic Research, Inc.
  12. Bilbiie, Florin O., 2011. "Designing domestic institutions for international monetary policy cooperation: A Utopia?," Journal of International Money and Finance, Elsevier, Elsevier, vol. 30(3), pages 393-409, April.
  13. Avinash Dixit & Henrik Jensen, 2000. "Equilibrium Contracts for the Central Bank of a Monetary Union," CESifo Working Paper Series 400, CESifo Group Munich.

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