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Incentive Contracts for Central Bankers under Uncertainty : Walsh-Svensson Non-Equivalence Revisited

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  • Schaling, E.
  • Hoeberichts, M.M.

    (Tilburg University, Center For Economic Research)

  • Eijffinger, S.C.W.

    (Tilburg University, Center For Economic Research)

Abstract

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Suggested Citation

  • Schaling, E. & Hoeberichts, M.M. & Eijffinger, S.C.W., 1998. "Incentive Contracts for Central Bankers under Uncertainty : Walsh-Svensson Non-Equivalence Revisited," Discussion Paper 1998-11, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:136335cb-d3f9-4b0b-b9ec-4d805a8e84e5
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    References listed on IDEAS

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    1. Beetsma, Roel M W J & Jensen, Henrik, 1998. "Inflation Targets and Contracts with Uncertain Central Banker Preferences," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(3), pages 384-403, August.
    2. Svensson, Lars E O, 1997. "Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts," American Economic Review, American Economic Association, vol. 87(1), pages 98-114, March.
    3. Herrendorf, Berthold & Lockwood, Ben, 1997. "Rogoff's "Conservative" Central Banker Restored," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 476-495, November.
    4. Eijffinger, Sylvester C W & Hoeberichts, Marco & Schaling, Eric, 2000. "Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(2), pages 218-235, May.
    5. Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(4), pages 1169-1189.
    6. Clive Briault & Andrew Haldane & Mervyn A. King, 1997. "Independence and Accountability," Palgrave Macmillan Books, in: Iwao Kuroda (ed.), Towards More Effective Monetary Policy, chapter 10, pages 299-340, Palgrave Macmillan.
    7. Charles Nolan & Eric Schaling, 1996. "Monetary Policy Uncertainty and Central Bank Accountability," Bank of England working papers 54, Bank of England.
    8. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-167, March.
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    Cited by:

    1. Winkler, Bernhard, 2000. "Which kind of transparency? On the need for clarity in monetary policy-making," Working Paper Series 0026, European Central Bank.
    2. Ms. Francesca Castellani & Mr. Xavier Debrun, 2001. "Central Bank Independence and the Design of Fiscal Institutions," IMF Working Papers 2001/205, International Monetary Fund.
    3. Francesca Castellani, 2001. "Central Bank Independence and Accountability Under Complete Information," IHEID Working Papers 05-2001, Economics Section, The Graduate Institute of International Studies.
    4. D. A. Peel, 1999. "Uncertainty in the Central Bank's weight on output: some new results," Applied Economics Letters, Taylor & Francis Journals, vol. 6(10), pages 659-662.
    5. D. A. Peel, 2001. "Uncertain central bankers preferences: some implications of multiplicative versus additive uncertainty," Applied Economics Letters, Taylor & Francis Journals, vol. 8(1), pages 17-20.
    6. Winkler, Bernhard, 2000. "Which kind of transparency? On the need for clarity in monetary policy-making," Working Paper Series 26, European Central Bank.

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