caa a22 4500 475840194 CHVBK 20180406123859.0 cr unu---uuuuu 170329e20001201xx s 000 0 eng 10.1023/A:1005177931742 doi (NATIONALLICENCE)springer-10.1023/A:1005177931742 Optimal Central Bank Conservativeness in an Open Economy [Elektronische Daten] [Sylvester Eijffinger, Marco Hoeberichts, Eric Schaling] This paper develops a graphical method to determinethe optimal degree of central bank conservativeness inan open economy. Unlike Rogoff (1985a), the upper andlower bounds of the interval containing the optimaldegree of conservativeness are expressed in terms ofthe structural parameters of the model. It is shownthat optimal central bank conservativeness is higher,the higher the natural rate of unemployment, thegreater the benefits of unanticipated inflation, theless inflation-averse society, the smaller thevariance of productivity shocks, the smaller realexchange rate variability and the smaller the opennessof the economy. These propositions are tested fornineteen industrial countries for the period1960-1993. In testing the model we employ a latentvariables method (LISREL) in order to distinguishbetween actual and optimal monetary regimes. Kluwer Academic Publishers, 2000 Eijffinger Sylvester Center for Economic Research, Tilburg University, The Netherlands aut Hoeberichts Marco Center for Economic Research and Department of Economics, Tilburg University, Tilburg, The Netherlands aut Schaling Eric Department of Economics, Rand Afrikaans University, Auckland Park, Johannesburg, Republic of South Africa aut Public Choice Kluwer Academic Publishers 105/3-4(2000-12-01), 339-355 0048-5829 105:3-4<339 2000 105 11127 https://doi.org/10.1023/A:1005177931742 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1005177931742 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Eijffinger Sylvester Center for Economic Research, Tilburg University, The Netherlands aut NATIONALLICENCE 700 1- Hoeberichts Marco Center for Economic Research and Department of Economics, Tilburg University, Tilburg, The Netherlands aut NATIONALLICENCE 700 1- Schaling Eric Department of Economics, Rand Afrikaans University, Auckland Park, Johannesburg, Republic of South Africa aut NATIONALLICENCE 773 0- Public Choice Kluwer Academic Publishers 105/3-4(2000-12-01), 339-355 0048-5829 105:3-4<339 2000 105 11127 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer