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Optimal conservativeness in the Rogoff (1985) model : a graphical and closed-form solution

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Author Info
Eijffinger, S.
Hoeberichts, M.
Schaling, E. (Tilburg University, Center for Economic Research)

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Abstract

In Rogoff (1985) it is shown that society can make itself better off by appointing a central banker who places an additional weight on in ation rate stabilization relative to employment stabilization. Using an envelope theorem, Rogoff shows that this additional weight must be positive and finite. In this paper, we first use a graphical method to derive narrower boundaries for this extra weight. Then a closed-form solution is given, using Ferrari's method for solving a biquadratic equation. Finally, the comparative static properties of the optimal weight are determined by means of the graphical representation

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 121.

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Date of creation: 1995
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Handle: RePEc:dgr:kubcen:1995121

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Related research
Keywords: Conservativeness;

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References listed on IDEAS
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.:
  1. Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-86, March. [Downloadable!] (restricted)
  2. Eijffinger, S. & Schaling, E., 1995. "The Ultimate Determinants of Central Bank Independence," Discussion Paper 5, Tilburg University, Center for Economic Research. [Downloadable!]
  3. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November. [Downloadable!] (restricted)
  4. Eijffinger, S. & De Hann, J., 1995. "The Political Economy of Central Bank Independence," Papers 9587, Tilburg - Center for Economic Research.
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  5. Haizhou Huang & Michele Fratianni, 1995. "Central Bank Reputation and Conservativeness," FMG Discussion Papers dp216, Financial Markets Group. [Downloadable!] (restricted)
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