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Is the Walsh Contract Really Optimal?

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  • Francisco Candel-Sánchez

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  • Juan Cristóbal Campoy-Miñarroy
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    Abstract

    The purpose of this paper is to show that the linear penalization to inflation found in Walsh (1995) is not the government's optimal choice when the fixed part of the transfer scheme is any given constant and the payment to the central bank represents a cost for the government.

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    File URL: http://journals.kluweronline.com/issn/0048-5829/contents
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    Bibliographic Info

    Article provided by Springer in its journal Public Choice.

    Volume (Year): 120 (2004)
    Issue (Month): 1_2 (07)
    Pages: 29-39

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    Handle: RePEc:kap:pubcho:v:120:y:2004:i:1_2:p:29-39

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    Web page: http://www.springerlink.com/link.asp?id=100332

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    Cited by:
    1. Georgios E. Chortareas & Stephen M. Miller, 2006. "The Walsh Contracts for Central Bankers Are Optimal After All!," Working papers 2006-14, University of Connecticut, Department of Economics.

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    1. Carl E. Walsh in Wikipedia (English)

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