Abstract
In a model with fiscal policy, Hughes Hallett et al. [Hughes Hallett, A., Libich, J., Stehlík, P., 2009. Rogoff revisited: the conservative central banker proposition under active fiscal policies. Economics Letters 104, 140–143] challenge the relevance of the conservative central banker proposition and other standard results. By considering an underlying model which makes the macroeconomic relations more explicit, we are able to simplify the analysis and restore the conservative central bank result.
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