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Rogoff revisited: The conservative central banker proposition under active fiscal policies

Authors:	Andrew Hughes Hallett, Jan Libich,Petr Stehlí k

Affiliation:	^aGeorge Mason University, United States;^bUniversity of St Andrews, UK;^cCEPR, UK;^dLa Trobe University, Australia;^eCAMA, Australia;^fUniversity of West Bohemia, Czech Republic

Abstract:	The paper re-examines Rogoff's [Rogoff, K., 1985. The Optimal Degree of Commitment to an Intermediate Monetary Target. Quarterly Journal of Economics 100, 1169–1189.] influential monetary policy result. It shows that responses of a conservative central banker and the resulting macroeconomic outcomes may be substantially different if interactions with (ambitious) fiscal policy are taken into account.

Keywords:	Conservative central banker Monetary and fiscal policy interaction Inflation Deficit Debt
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