Does Convervatism Matter ? A Time-Series Approach to Central Bank Behavior  

Oleh:

Berger, Helge ; Woitek, Ulrich

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 115 no. 505 (Jul. 2005), page 745-766.
Topik: conservatism; conservation matter; time - series approach; central bank behaviour
Fulltext: 745.pdf (296.08KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.19 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Empirical studies crediting 'independent and conservative central banks' with lowering inflation and inflation volatility have been criticised for their focus on policy outcomes instead of policies, and for their unsystematic conflation of independence and conservatism. We present results from time - series models for the German Bundesbank that avoid these shortfalls. Conservatism matters in the following sense : (i ) more conservative Bundesbank Councils tend to react stronger to changes in inflation and output, and (ii) an increase in conservatism leads to a more activist stabilisation policy. This is in line with simple policy models incorporating economic persistence with implementation lags for monetary policy.

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