Ehrmann, Michael; Fratzscher, Marcel - In: The Review of Economics and Statistics 93 (2011) 3, pp. 941-960
interest rates. Three factors explain the different preferences. First, politicians put relatively less weight on inflation …How and why do politicians' preferences about monetary policy differ from the interest rates set by independent central … (and more on output) in their preferred monetary policy reaction function. Second, their preferences are affected by …