Goal-independent central banks : why politicians decide to delegate / / prepared by Christopher Crowe

• Autore: Crowe Christopher
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (43 p.)
• Soggetto topico: Banks and banking, Central; Monetary policy
• Note generali: "November 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. Introduction""; ""II. The Model""; ""III. Predictions""; ""IV. Empirical Tests""; ""V. Case Studies""; ""VI. Conclusions""
• Sommario/riassunto: 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.
• Titolo autorizzato: Goal-Independent Central Banks
• ISBN: 1-4623-6291-5; 1-4527-8242-3; 1-282-64909-4; 9786613822901; 1-4519-0969-1
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910808808403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF working paper ; ; WP/06/256.