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Central bank independence, bureaucratic corruption and fiscal responses : empirical evidence

Dimakou, Ourania - 2010

This paper analyses the impact of bureaucratic corruption on fiscal policy outcomes for economies that have constituted to a greater or lessen extent independent central banks. The adverse implications of corruption on debt accumulation are verified using a cross-sectional setting of 77...

Persistent link: https://www.econbiz.de/10008653609

Central bank independence and conservatism under uncertainty : substitutes or complements?

Hefeker, Carsten; Zimmer, Blandine - 2010

This paper revisits the trade-off between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity …. -- Central bank independence ; Conservatism ; Transparency of monetary policy …

Persistent link: https://www.econbiz.de/10003944807

Central bank independence and conservatism under uncertainty : substitutes or complements?

Hefeker, Carsten; Zimmer, Blandine - 2011

The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain … bank's degree of inde-pendence and conservatism so as to minimise society's loss function. We find that the optimal … combination between independence and conservatism is not necessarily characterised by substitutability. When uncertainty about the …

Persistent link: https://www.econbiz.de/10009010174

Does government ideology matter in monetary policy? : a panel data analysis for OECD countries

Belke, Ansgar; Potrafke, Niklas - 2011

This paper examines whether government ideology has influenced monetary policy in OECD countries. We use quarterly data in the 1980.1-2005.4 period and exclude EMU countries. Our Taylor-rule specification focuses on the interactions of a new time-variant index of central bank independence with...

Persistent link: https://www.econbiz.de/10009580361

Does social trust speed up reforms? : the case of central-bank independence

Berggren, Niclas; Daunfeldt, Sven-Olov; Hellström, Jörgen - 2015

Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set...

Persistent link: https://www.econbiz.de/10010459611

Central banks' voting records, financial crisis and future monetary policy

Horváth, Roman; Jonášová, Júlia - 2014

We examine whether central banks' voting records help predict the future course of monetary policy in the Czech republic, Hungary, Poland, Sweden and the United Kingdom, controlling for financial market expectations. Unlike previous research, first, we examine the period of the global financial...

Persistent link: https://www.econbiz.de/10010461227

Marriner S. Eccles and the 1951 treasury : Federal Reserve Accord ; lessons for central bank independence

Moe, Thorvald - 2013

The 1951 Treasury – Federal Reserve Accord is an important milestone in central bank history. It led to a lasting separation between monetary policy and the Treasury's debt-management powers, and established an independent central bank focused on price stability and macroeconomic stability....

Persistent link: https://www.econbiz.de/10009685722

Fiscal implications of central bank balance sheet policies

Orphanides, Athanasios - 2016

Under ordinary circumstances, the fiscal implications of central bank policies tend to be seen as relatively minor and escape close scrutiny. The global financial crisis of 2008, however, demanded an extraordinary response by central banks which brought to light the immense power of central bank...

Persistent link: https://www.econbiz.de/10011498983

Limits of monetary policy autonomy and exchange rate flexibility by East Asian Central Banks

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2013

Given low interest rates in the large industrial countries and buoyant capital inflows into the emerging markets East Asian central banks have accumulated large stocks of foreign reserves. As the resulting easing of monetary conditions has become a threat to domestic price and financial...

Persistent link: https://www.econbiz.de/10010221431

How are Inflation Targets Set?

Horváth, Roman - 2010

This paper aims to contribute to a better understanding on how inflation targets are set. For this reason, we first gather evidence from official central bank and government publications and from a questionnaire sent to central banks on how inflation targets are set; we then estimate the...

Persistent link: https://www.econbiz.de/10013136517