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Costly Information Acquisition and Delegation to a "Liberal" Central Banker

Johan Lagerlof ()

Economics and Politics, 2001, vol. 13, issue 3, 221-236

Abstract: This paper develops a model of monetary policy in which the central banker can acquire costly information about a supply shock. It is shown that, with this assumption, it may be optimal for society to delegate to a "weight-liberal" central banker, a result which contrasts with that of Rogoff (1985). This result points at a limitation of Rogoff's argument. It may also explain why the issue of delegating monetary policy to an independent and "weight-conservative" central banker often is politically controversial. Copyright 2001 Blackwell Publishers Ltd.

Date: 2001
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