Multiplicative uncertainty, central bank transparency and optimal degree of conservativeness
This 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.
|Date of creation:||Jun 2010|
|Date of revision:||Jul 2010|
|Publication status:||Published in Economics Bulletin no.3.Vol. 3(2010): pp. 1720-1726|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
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- 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.
- Kobayashi, Teruyoshi, 2003. "Multiplicative uncertainty in a model without inflationary bias," Economics Letters, Elsevier, vol. 80(3), pages 317-321, September.
- Giuseppe Ciccarone & Enrico Marchetti & Giovanni Di Bartolomeo, 2007.
"Unions, Fiscal Policy And Central Bank Transparency,"
University of Manchester, vol. 75(5), pages 617-633, 09.
- Giuseppe Ciccarone & Giovanni Di Bartolomeo & Enrico Marchetti, 2005. "Unions, fiscal policy and central bank transparency," Macroeconomics 0508004, EconWPA.
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
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