Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank’s welfare decreases with …

This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out …

.S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the … international bank lending channel and the portfolio channel of monetary policy transmission. They also show that the frictions that …. The forms of bank balance sheet heterogeneity that differentiate spillovers across banks are not uniform across countries …

Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … has been followed by lower average inflation. -- Transparency ; monetary policy ; central bank communication ; monetary …

This paper empirically studies the impact of the quality of political institutions on the link between central bank … independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … nonlinearities, we employ interaction models to identify the conditions under which more central bank independence will enhance a …