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| Author: | Herrendorf, B. Lockwood, B. |
| Title: | Rogoff's "conservative" central banker restored |
| Journal: | Journal of Money, Credit and Banking
1997 : NOV, VOL. 29:4/1, p. 476-495 |
| Index terms: | MONEY BANKING CENTRAL BANKS |
| Language: | eng |
| Abstract: | The authors show that delegation of monetary policy to a weight-conservative central banker can be desirable, although the government can also use an inflation contract, an employment target, an inflation target, or any combination of these to control the central banker. The key feature of the model presented here is a stochastic inflation bias, arising when wage setters receive some information about a supply stock prior to signing nominal wage contracts. |
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