The trade off between central bank independence and conservativeness
AbstractThis paper introduces a parameter for central bank independence in a monetary policy game with a conservative central banker.It tries to explain the optimal degree of central bank independence and conservativeness by four economic and political determinants, both theoretically and empirically.There appears to be a trade off between central bank independence and conservativeness.Then, by comparing the optimal degree of conservativeness and independence with the actual degree of independence, we want to identify the optimal degree of conservativeness for the countries participating in EMU.
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Bibliographic InfoPaper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-76576.
Date of creation: 1998
Date of revision:
Publication status: Published in Oxford Economic Papers (1998) v.50, p.397-411
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Web page: http://www.tilburguniversity.edu/
Other versions of this item:
- Eijffinger, Sylvester C W & Hoeberichts, Marco, 1998. "The Trade off between Central Bank Independence and Conservativeness," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 397-411, July.
- Eijffinger, S.C.W. & Hoeberichts, M.M., 1996. "The Trade Off Between Central Bank Independence and Conservativeness," Discussion Paper 1996-44, Tilburg University, Center for Economic Research.
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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9587, Tilburg - Center for Economic Research.
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Open Access publications from Tilburg University
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- Eijffinger, S.C.W. & Schaling, E., 1992. "Central bank independence: Criteria and indices," Research Memorandum 548, Tilburg University, Faculty of Economics and Business Administration.
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