Multiplicative uncertainty, central bank transparency and optimal degree of conservativeness
AbstractThis paper extends the results of Kobayashi (2003) and Ciccarone and Marchetti (2009) by considering the optimal choice of central bank conservativeness. It is shown that the government can choose a sufficiently populist but opaque central banker so that higher multiplicative uncertainty improves the social welfare only when the society is very conservative.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 28548.
Date of creation: Jun 2010
Date of revision: Jul 2010
Publication status: Published in Economics Bulletin no.3.Vol. 3(2010): pp. 1720-1726
Multiplicative uncertainty; optimal degree of conservativeness; Brainard conservatism; central bank transparency.;
Other versions of this item:
- Meixing Dai, 2010. "Multiplicative uncertainty, central bank transparency and optimal degree of conservativeness," Economics Bulletin, AccessEcon, vol. 30(3), pages 1720-1726.
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-19 (All new papers)
- NEP-CBA-2011-02-19 (Central Banking)
- NEP-CIS-2011-02-19 (Confederation of Independent States)
- NEP-MAC-2011-02-19 (Macroeconomics)
- NEP-MON-2011-02-19 (Monetary Economics)
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.:
- Giuseppe Ciccarone & Enrico Marchetti, 2008.
"Revisiting the role of multiplicative uncertainty in a model without inflationary bias,"
110, University of Rome La Sapienza, Department of Public Economics.
- Ciccarone, Giuseppe & Marchetti, Enrico, 2009. "Revisiting the role of multiplicative uncertainty in a model without inflationary bias," Economics Letters, Elsevier, vol. 104(1), pages 37-39, July.
- Giuseppe Ciccarone & Giovanni Di Bartolomeo & Enrico Marchetti, 2005.
"Unions, fiscal policy and central bank transparency,"
- Giuseppe Ciccarone & Enrico Marchetti & Giovanni Di Bartolomeo, 2007. "Unions, Fiscal Policy And Central Bank Transparency," Manchester School, University of Manchester, vol. 75(5), pages 617-633, 09.
- Kobayashi, Teruyoshi, 2003. "Multiplicative uncertainty in a model without inflationary bias," Economics Letters, Elsevier, vol. 80(3), pages 317-321, September.
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