Measuring Central Bank Independence And Its Effect On Policy Outcomes
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Measuring Central Bank Independence And Its Effect On Policy Outcomes
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Author : Alex Cukierman
language : en
Publisher:
Release Date : 1994
Measuring Central Bank Independence And Its Effect On Policy Outcomes written by Alex Cukierman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
Central Bank Independence Targets And Credibility
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Author : Francesco Lippi
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999-01-27
Central Bank Independence Targets And Credibility written by Francesco Lippi and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-27 with Business & Economics categories.
This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence. The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided. This book will appeal to researchers, academics and policy makers in the fields of monetary policy, financial economics, money and banking and political economy.
Central Bank Independence And Monetary Stability
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Author : Otmar Issing
language : en
Publisher:
Release Date : 1993
Central Bank Independence And Monetary Stability written by Otmar Issing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Central bank independence is now a major issue in debates about institutional reforms designed to improve economic performance. Professor Issing's paper is notable for its scholarly discussion of the meaning of 'independence' and his analysis of its effects. Moreover, because of his position inside the Bundesbank which is among the most independent of central banks and which provides a model for the constitution of the proposed European Central Bank he writes with a degree of expertise not available to most authors. Interest in central bank independence arose from the world-wide acceleration of inflation in the 1 970s which stimulated interest in means of 'anchoring' anti-inflation policy. Germany was in advance of other countries in recognising the importance of price stability and es-tablishing an institution to produce it, making the Bundesbank independent in 1957. Professor Issing argues that when independence is coupled with a price stability objective, economic performance appears to improve. Not only is inflation lower, but there is evidence that real growth is higher. In his view, central bank independence comes 'top of the list' of institutional arrangements designed to safeguard the stability of money.
The Political Economy Of Central Bank Independence
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Author : Sylvester C. W. Eijffinger
language : en
Publisher: International Finance Section Department of Econ Ton Univers
Release Date : 1996
The Political Economy Of Central Bank Independence written by Sylvester C. W. Eijffinger and has been published by International Finance Section Department of Econ Ton Univers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Checks And Balances Private Information And The Credibility Of Monetary Commitments
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Author : Philip Keefer
language : en
Publisher: World Bank Publications
Release Date : 2001
Checks And Balances Private Information And The Credibility Of Monetary Commitments written by Philip Keefer and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Anti-inflationary policies categories.
In economically volatile conditions in which it is more difficult for the public to distinguish inflation deliberately generated by government from inflation created by unanticipated economic shocks, the anti-inflationary effect of central bank independence will be unchanged but the effectiveness of exchange rate pegs will be significantly improved. Keefer and Stasavage develop and test several new hypotheses about the anti-inflationary effect of central bank independence and exchange rate pegs in the context of different institutions and different degrees of citizen information about government policies.
Monetary Economics
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Author : Steven Durlauf
language : en
Publisher: Springer
Release Date : 2016-04-30
Monetary Economics written by Steven Durlauf and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-30 with Performing Arts categories.
Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.
A New Measure Of Central Bank Independence
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Author : Mr. Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-23
A New Measure Of Central Bank Independence written by Mr. Tobias Adrian and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-23 with Business & Economics categories.
This paper constructs a new index for measuring de jure central bank independence, the first entirely new index in three decades. The index draws on a comprehensive dataset from the IMF’s Central Bank Legislation Database (CBLD) and Monetary Operations and Instruments Database (MOID) and weightings derived from a survey of 87 respondents, mostly consisting of central bank governors and general counsels. It improves upon existing indices including the Cukierman, Webb, and Neyapti (CWN) index, which has been the de facto standard for measuring central bank independence since 1992, as well as recent extensions by Garriga (2016) and Romelli (2022). For example, it includes areas absent from the CWN index, such as board composition, financial independence, and budgetary independence. It treats dimensions such as the status of the chief executive as composite metrics to prevent overstating the independence of statutory schemes. It distills ten key metrics, simplifying current frameworks that now include upwards of forty distinct variables. And it replaces the subjective weighting systems relied on in the existing literature with an empirically grounded alternative. This paper presents the key features of the new index; a companion, forthcoming paper will provide detailed findings by country/region, income level, and exchange rate regime.
Central Bank Independence And Macro Prudential Regulation
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Author : Mr.Kenichi Ueda
language : en
Publisher: International Monetary Fund
Release Date : 2012-04-01
Central Bank Independence And Macro Prudential Regulation written by Mr.Kenichi Ueda and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-01 with Business & Economics categories.
We consider the optimality of various institutional arrangements for agencies that conduct macro-prudential regulation and monetary policy. When a central bank is in charge of price and financial stability, a new time inconsistency problem may arise. Ex-ante, the central bank chooses the socially optimal level of inflation. Ex-post, however, the central bank chooses inflation above the social optimum to reduce the real value of private debt. This inefficient outcome arises when macro-prudential policies cannot be adjusted as frequently as monetary. Importantly, this result arises even when the central bank is politically independent. We then consider the role of political pressures in the spirit of Barro and Gordon (1983). We show that if either the macro-prudential regulator or the central bank (or both) are not politically independent, separation of price and financial stability objectives does not deliver the social optimum.
The Design And Use Of Political Economy Indicators
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Author : K. Banaian
language : en
Publisher: Springer
Release Date : 2008-11-10
The Design And Use Of Political Economy Indicators written by K. Banaian and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-10 with Business & Economics categories.
This edited volume seeks to provide a critical and technical look at international political economic indices (PEIs). It examines measurement issues, relates PEIs to economic theory, and suggests better measures than those currently used.
Central Bank Strategy Credibility And Independence
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Author : Alex Cukierman
language : en
Publisher: MIT Press
Release Date : 1992
Central Bank Strategy Credibility And Independence written by Alex Cukierman and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
This book brings together a large body of Cukierman's research and integrates it with recent developments in the political economy of monetary policy.