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Rogoff's 'Conservative' Central Banker Restored: Asymetric Information and the Delagation of Monetary Policy

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Listed:
  • Lockwood, B.

Abstract

This paper shows that delegation of monetary policy to a central banker (CB) who is conservative in Rogoff's sense can still be desireable even though the government is able to set employment and/or inflation targets for the CB. A necessary and sufficient condition for Rogoff-conservatism is that the private sector is at some stage better informed about the structure of the economy than the goverment is at the date of delegation. Such asymmetric information is shown ato arise naturally in multi-period settings where the CB and private sector can aquire over time information about processes generating supply shocks.

Suggested Citation

  • Lockwood, B., 1995. "Rogoff's 'Conservative' Central Banker Restored: Asymetric Information and the Delagation of Monetary Policy," Discussion Papers 9518, Exeter University, Department of Economics.
  • Handle: RePEc:exe:wpaper:9518
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    Keywords

    BANKS; MONETARY POLICY;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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