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On the existence of loss function for some useful classes of central bankers

Author

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  • Marcelo de Carvalho Griebeler

Abstract

We provide several types of central banker's preferences according to their monetary policy choices. Although not exhaustive, our list covers from extreme (conservative and populist) to moderate behaviours, such that it is flexible in relation to the degree of conservativeness, as well as in relation to monetary regimes. We also use the traditional axiomatic approach for utility representation in order to investigate which of those preferences admit numerical representation. Our main finding states that so called stabiliser central bank is the only that admits representation through utility. Nevertheless, we show that even preferences without utility representation may be useful as alternatives for studies which propose different types of central bank.

Suggested Citation

  • Marcelo de Carvalho Griebeler, 2015. "On the existence of loss function for some useful classes of central bankers," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 8(3), pages 229-241.
    • Handle: RePEc:ids:ijmefi:v:8:y:2015:i:3:p:229-241
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    Cited by:

    1. Griebeler, Marcelo de Carvalho, 2015. "The Naive Central Banker," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 69(3), September.

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