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The Case for a Populist Central Banker

Author

Listed:
  • Velasco, A.
  • Guzzo, V.

Abstract

We present a general equilibrium optimizing model in which we study the joint effects of centralization of wage setting and central bank conservatism on economic performance. Several striking conclusions emerge. IN relatively centralized labor markets employment and output are decreasing, and inflation is initially increasing and then decreasing, in the degree of central bank conservatism. A radical-populist central banker who cares not at all about inflation (alternatively, who is not conservative) maximizes social welfare.

Suggested Citation

  • Velasco, A. & Guzzo, V., 1998. "The Case for a Populist Central Banker," Working Papers 98-26, C.V. Starr Center for Applied Economics, New York University.
    • Handle: RePEc:cvs:starer:98-26
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    Citations

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    Cited by:

    1. Juha Kilponen & David Mayes & Jouko Vilmunen, 1999. "Labour Market Flexibility in Northern Europe," One Europe or Several? Working Papers 2, One-Europe Programme.
    2. Jorge Enrique Restrepo, 1998. "Reglas monetarias en Colombia y Chile," Coyuntura Económica, Fedesarrollo, December.
    3. Arne Heise, 2007. "Institutions, market constellations and growth: The case of South Africa," Annals of Economics and Finance, Society for AEF, vol. 8(2), pages 313-340, November.

    More about this item

    Keywords

    CENTRAL BANKS ; WAGES ; INFLATION ; UNEMPLOYMENT;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • J5 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining

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