This article argues that the institutional mandates of central banks have an important influence on inflation outcomes in the advanced industrialized countries. Central banks that are also responsible for bank regulation will be more sensitive to the profitability and stability of the banking...

What are the political consequences of monetary shocks? While theories of retrospective voting suggest that voters should punish incumbents for negative economic shocks within incumbents' control, other works suggest voters' ability and willingness to do so are limited. We examine this issue by...