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The Case for a Populist Banker / Andres Velasco, Vincenzo Guzzo.
- Format:
- Book
- Author/Creator:
- Velasco, Andres.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6802.
- NBER working paper series no. w6802
- Language:
- English
- Subjects (All):
- Banks and banking, Central.
- Labor market.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1998.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1998.
- Summary:
- 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. Economic performance is not U-shaped in the degree of centralization of the labor market, in contrast to conventional wisdom.
- Notes:
- Print version record
- November 1998.
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