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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Research Seminar - Roberto Chang - Should Central Banks Have an Inequality Objective? =0D=0A Abstract: =0D=0A Should central banks care about inequality? To address this question, we extend a standard model of time inconsistency in monetary policy to allow for heterogeneity. As in the standard analysis, lack of policy commitment leads to a bias towards socially excessive inflation. But the novel result is that, in the presence of heterogeneity, the bias can be offset by assigning the central bank a mandate under which agents with higher nominal wealth are given a higher relative weight than under the social welfare function. In other words, society should choose a central banker that is less egalitarian than itself, a result reminiscent of Rogoff’s "conservative central banker". Our analysis underscores that including a concern for redistribution in the central bank’s mandate can enhance policy credibility, but the details can be unexpected and should reflect the role of the mandate in overcoming policy distortions.=0D=0A  =0D=0A Online Research seminars organized by the Bank of Finland's Research Unit are open to all researchers interested in the subjects covered.  Those wishing to attend a seminar are kindly asked to register in advance, by filling in  the Online Registration Form . =0D=0A The registration for each seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin. =0D=0A
DTEND:20240425T131500Z
DTSTAMP:20240208T121332Z
DTSTART:20240425T120000Z
LOCATION:MS Teams
SUMMARY:Roberto Chang (Rutgers University) - Should Central Banks Have an Inequality Objective?
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