| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1365 |
| DP1365 Multinational Corporations and Spillovers | |
| Magnus Blomström; Ari Kokko | |
| 发表日期 | 1996-04-30 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper shows that delegation of monetary policy to a weight-conservative central banker is optimal, although the government can also use an inflation contract, an employment target, an inflation target, or any combination of these, to control the central banker. The key feature of our model is a stochastic inflation bias, arising when wage-setters receive some information about a supply shock prior to signing nominal wage contracts. Weight-conservatism is shown to be desirable if the stochastic inflation bias cannot be eliminated by optimal choice of the delegation parameters. |
| 主题 | International Macroeconomics |
| 关键词 | Conservative central banker Delegation Incomplete information |
| URL | https://cepr.org/publications/dp1365 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530512 |
| 推荐引用方式 GB/T 7714 | Magnus Blomström,Ari Kokko. DP1365 Multinational Corporations and Spillovers. 1996. |
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