Rules, Discretion, and Central Bank Independence: The German Experience 1880-1989
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https://www.nber.org/papers/w4547
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Theories of rules and discretion suggest that monetary policy rules are first best in terms of social welfare. However, if commitment is not feasible, delegating monetary policy to an independent and conservative central bank can be second best. Monetary policy in Germany during the past one hundred
提供机构：
美国国家经济研究局
创建时间：
1993-11-01
