The Optimal Degree of Commitment to an Intermediate Monetary Target.¶
Rogoff, K. (1985). The Optimal Degree of Commitment to an Intermediate Monetary Target. Quarterly Journal of Economics, 100(4), 1169-1189.
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Primes¶
- Editorial Independence
- The firewall is the codified set of insulations engineered to close those channels and make the no-inflation commitment credible: appointment terms deliberately longer than the electoral cycle (so the government cannot credibly threaten removal during its own decision-relevant period), operational independence on the rate decision (the executive cannot overrule a specific vote), a ringfenced budget funded from seigniorage rather than annual appropriation, and a statutory mandate not revisable by ordinary legislation.
This sourceShows that delegating policy to an independent ("conservative") central banker resolves the inflation-bias time-inconsistency problem — the formal case for the firewall.
- The firewall is the codified set of insulations engineered to close those channels and make the no-inflation commitment credible: appointment terms deliberately longer than the electoral cycle (so the government cannot credibly threaten removal during its own decision-relevant period), operational independence on the rate decision (the executive cannot overrule a specific vote), a ringfenced budget funded from seigniorage rather than annual appropriation, and a statutory mandate not revisable by ordinary legislation.
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