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The Trade Off Between Central Bank Independence and Conservativeness
Social Science Research Network
This paper introduces a parameter for central bank independence in a monetary policy game with a conservative central banker. It tries to explain the optimal degree of central bank independence and conservativeness by four economic and political determinants, both theoretically and empirically. There appears to be a trade off between central bank independence and conservativeness. Then, by comparing the optimal degree of conservativeness and independence with the actual degree of independence,doi:10.2139/ssrn.947 fatcat:aw4jtl3qkjdl3medx2spxt5y7e