Bratislava Economic Seminar 21.11.2012

[chladna]

Vážení kolegovia,

pozývame Vás na "Bratislava Economic Seminar", ktorý je spoločným projektom CEF FMFI UK, Národnej banky Slovenska a Katedry hospodárskej politky Národohospodárskej fakulty EUBA. Oznámenie o podujatí je v prílohe.

Seminár sa uskutoční uskutoční v stredu 21. novembra 2012 o 15:00 na Ekonomickej Univerzite Bratislava, Dolnozemská cesta 1, miestnosť C1.06 (nová budova) a jeho náplňou bude prednáška:

Gerhard Sorger (University of Vienna)
Central bank independence and the monetary instrument problem

Abstract
We study the monetary instrument problem in a dynamic non-cooperative game between separate, discretionary fiscal and monetary policy makers. We show that monetary instruments are equivalent only if the policy makers’ objectives are perfectly aligned; otherwise an instrument problem exists. When the central bank is benevolent while the fiscal authority is short sighted relative to the private sector, excessive public spending and debt emerge under a money growth policy but not under an interest rate policy. Despite this property, the interest rate is not necessarily the optimal instrument.


S pozdravom,
CEF