central bank that does not observe the natural interest rate can take advantage of this co-movement by incorporating the …

process of the European Central Bank (ECB) and be seen by some as resulting in the overrepresentation of small member …

, welfare will be lower with a conservative than with a liberal central bank. We reframe this discussion in a standard trade … the central bank less conservative than society, however, if the outside option is in real terms. As the nominal … always optimal if the government can choose the level of nominal unemployment benefits as well as the degree of central bank …

anticipate monetary policy by the European Central Bank (ECB)? Using a database of surveys of professional ECB policy forecasters …