Restoring the conservative central banker proposition under monetary-fiscal interaction

Marcelo Sánchez

Economics Letters, 2012, vol. 117, issue 2, 448-451

Abstract: In a model with fiscal policy, Hughes Hallett et al. [Hughes Hallett, A., Libich, J., Stehlík, P., 2009. Rogoff revisited: the conservative central banker proposition under active fiscal policies. Economics Letters 104, 140–143] challenge the relevance of the conservative central banker proposition and other standard results. By considering an underlying model which makes the macroeconomic relations more explicit, we are able to simplify the analysis and restore the conservative central bank result.

Keywords: Conservative central banker; Monetary-fiscal interaction; Inflation; Deficit; Debt (search for similar items in EconPapers)
JEL-codes: E61 E63 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:117:y:2012:i:2:p:448-451

DOI: 10.1016/j.econlet.2012.06.033

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