04615oam 22012374 450 991095611590332120250426110138.0978661382290197814623629121462362915978145278242314527824239781282649095128264909497814519096921451909691(CKB)3360000000443323(EBL)3014343(SSID)ssj0000941195(PQKBManifestationID)11525486(PQKBTitleCode)TC0000941195(PQKBWorkID)10963488(PQKB)10054208(OCoLC)698585545(MiAaPQ)EBC3014343(IMF)WPIEE2006256(IMF)WPIEA2006256WPIEA2006256(EXLCZ)99336000000044332320020129d2006 uf 0engur|n|---|||||txtccrGoal-Independent Central Banks : Why Politicians Decide to Delegate /Christopher Crowe1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (43 p.)IMF Working Papers"November 2006."9781451865165 1451865163 Includes bibliographical references.""Contents""; ""I. Introduction""; ""II. The Model""; ""III. Predictions""; ""IV. Empirical Tests""; ""V. Case Studies""; ""VI. Conclusions""A motivation for central bank independence (CBI) is that policy delegation helps politicians manage diverse coalitions. This paper develops a model of coalition formation that predicts when delegation will occur. An analysis of policy preferences survey data and CBI indicators supports the predictions. Case studies, drawn from several countries' recent past and the nineteenth-century United States, provide further support. Finally, the model explains why the expected negative relationship between CBI and inflation is not empirically robust: endogenous selection biases the estimated effect towards zero. The data confirm this.IMF Working Papers; Working Paper ;No. 2006/256Banks and banking, CentralMonetary policyBankingimfBanks and BankingimfBanks and bankingimfBanksimfCentral bank autonomyimfCentral Banks and Their PoliciesimfCentral banksimfDeflationimfDepository InstitutionsimfIncomeimfInflationimfMacroeconomicsimfMicro Finance InstitutionsimfModels of Political Processes: Rent-seeking, Elections, Legislatures, and Voting BehaviorimfMortgagesimfMultiple or Simultaneous Equation Models: Cross-Sectional ModelsimfNational accountsimfNoncooperative GamesimfPersonal incomeimfPersonal Income, Wealth, and Their DistributionsimfPrice LevelimfPricesimfSpatial ModelsimfTreatment Effect ModelsimfSouth AfricaimfBanks and banking, Central.Monetary policy.BankingBanks and BankingBanks and bankingBanksCentral bank autonomyCentral Banks and Their PoliciesCentral banksDeflationDepository InstitutionsIncomeInflationMacroeconomicsMicro Finance InstitutionsModels of Political Processes: Rent-seeking, Elections, Legislatures, and Voting BehaviorMortgagesMultiple or Simultaneous Equation Models: Cross-Sectional ModelsNational accountsNoncooperative GamesPersonal incomePersonal Income, Wealth, and Their DistributionsPrice LevelPricesSpatial ModelsTreatment Effect ModelsCrowe Christopher868737DcWaIMFBOOK9910956115903321Goal-Independent Central Banks4372915UNINA