Rogoff revisited: The conservative central banker proposition under active fiscal policies |
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| Authors: | Andrew Hughes Hallett Jan Libich Petr Stehlík |
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| Institution: | aGeorge Mason University, United States;bUniversity of St Andrews, UK;cCEPR, UK;dLa Trobe University, Australia;eCAMA, Australia;fUniversity of West Bohemia, Czech Republic |
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| 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. |
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| Keywords: | Conservative central banker Monetary and fiscal policy interaction Inflation Deficit Debt |
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