Hahn, Volker - 2007 - This version: September 2007
transparency may be a second-best solution.
Keywords: conservative central banker, optimal monetary policy, information
acquisition … shocks are foreseen by the public.
2
banker involves two advantages to society. A conservative central banker ensures that … delegation
of monetary policy to a conservative central banker if λ is fixed. We will show that
this finding is no longer valid …