内生保守主义下的货币政策与央行独立性

International journal of economic research Pub Date : 2014-08-01 DOI:10.17256/JER.2014.19.2.001

Michael Berlemann, Andrea Schneider

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引用次数: 0

摘要

本文研究了内生保守主义下的货币政策效应。我们发现宏观经济结果对政策保守主义的反馈机制会破坏经济的稳定，或者至少会导致相当大的调整成本。事实证明，央行独立性是解决这一问题的合适方案。

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Monetary policy and central bank independence under endogenous conservatism

In this paper we study the effects of monetary policy under endogenous conservatism. We find a feedback mechanism of macroeconomic outcomes on policy conservatism to destabilize the economy or at least to contribute to considerable adjustment costs. Central bank independence turns out to be a suitable solution to this problem.

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International journal of economic research

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