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Independence, conservatism and beyond : Central Bank design and central banker preferences in monetary policy economics (1981-2019)

Masciandaro, Donato - 2020

Using a political economy approach, this paper sheds light on how two factors – central bankers' preferences and the central bank's design – progressively assumed a crucial role in the evolution of monetary policy economics in the last four decades. The two factors jointly identify the...

Persistent link: https://www.econbiz.de/10012210741

Optimal Conservatism and Collective Monetary Policymaking Under Uncertainty

Hefeker, Carsten - 2014

We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee … (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated … by the presence of uncertainty about the committee members' output objective. We show how this need for conservatism …

Persistent link: https://www.econbiz.de/10013047346

Building the Foundations for a New Central Bank Doctrine : Redefining Central Banks’ Missions in the 21st Century

Pichet, Eric - 2013

The 2007-2008 financial crisis demonstrated both the responsibilities that central bankers, alongside other actors, bear for turbulences of this kind as well as how economics can be used to provide central bankers and governments with the understanding and tools that they need to prevent the...

Persistent link: https://www.econbiz.de/10014160305

What bird is that? : central banking and monetary policy in the last forty years

Masciandaro, Donato - 2020

The aim of this paper is to review the historical development of monetary policy theory since the 1980s using as focal point the nexus among central bank governance, central banker preferences and monetary policy effectiveness. Assuming a positive perspective the review highlights three...

Persistent link: https://www.econbiz.de/10012210748

Bringing the Central Bank into the Study of Currency Internationalization : Monetary Policy, Independence, and Internationalization

Chey, Hyoung-kyu - 2016

Despite the central bank's crucial position in the economy, as the issuer of the currency and the body responsible for monetary policy, its preferences regarding currency internationalization and its roles in that process have rarely been analyzed in the literature. This study attempts to fill...

Persistent link: https://www.econbiz.de/10012998303

Monetary-Labor Interactions, International Monetary Regimes, and Central Bank Conservatism

Cuciniello, Vincenzo - 2011

central bank conservatism and centralized wage bargaining …

Persistent link: https://www.econbiz.de/10013134305

The Political Economy of Japanese Monetary and Exchange Rate Policy

Volz, Ulrich - 2011

This study analyzes the political economy of Japanese monetary and exchange rate policy, with particular emphasis on the Japanese position regarding East Asian monetary cooperation and integration. We try to disentangle the factors and interest structures behind the polices taken in order to...

Persistent link: https://www.econbiz.de/10013118498

Independence within Government - A Comparative Perspective on Central Banking in Norway 1945-1970

Venneslan, Christian - 2013

This article surveys the degree of central bank independence in Norway between 1945 and 1970. By comparing the developments in Norway with those of Sweden and the United Kingdom, it is shown that the Norwegian central bank had less room for maneuver than in the other countries. In spite of a...

Persistent link: https://www.econbiz.de/10013082906

Federal monetary policy

Hefeker, Carsten - 2001

What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...

Persistent link: https://www.econbiz.de/10011398004

Independence of the Central Bank, Growth and Coalitions in a Monetary Union

Hellier, Joël - 2012

Within a Monetary Union, we assume that the policy of a hard-nosed central bank results in a real appreciation of the Union currency, which is in contradiction with the growth targets of several countries. These countries may join together to question the policy of the bank. As a consequence,...

Persistent link: https://www.econbiz.de/10013101879