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Author: Francesco Lippi Publisher: Edward Elgar Publishing ISBN: 9781782542971 Category : Business & Economics Languages : en Pages : 180
Book Description
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.
Author: Francesco Lippi Publisher: Edward Elgar Publishing ISBN: 9781782542971 Category : Business & Economics Languages : en Pages : 180
Book Description
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.
Author: Alex Cukierman Publisher: MIT Press ISBN: 9780262031981 Category : Business & Economics Languages : en Pages : 532
Book Description
This book brings together a large body of Cukierman's research and integrates it with recent developments in the political economy of monetary policy.
Author: Mr.Timo Valila Publisher: International Monetary Fund ISBN: 1451841744 Category : Business & Economics Languages : en Pages : 17
Book Description
The specific role of central bank independence in determining the overall credibility of monetary policy is addressed in this paper. It is argued that the credibility of delegating monetary policy to an independent central bank is endogenous to the credibility of the inflation target because a “conservative” inflation target may not be compatible with the fiscal policy stance. Also, lack of transparency in designing the institutional set-up is shown to be welfare-reducing.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451966423 Category : Business & Economics Languages : en Pages : 59
Book Description
There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.
Author: Philip Keefer Publisher: World Bank Publications ISBN: Category : Anti-inflationary policies Languages : en Pages : 46
Book Description
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.
Author: Mr.Jan Kees Martijn Publisher: International Monetary Fund ISBN: 145185840X Category : Business & Economics Languages : en Pages : 23
Book Description
The U.K. monetary policy framework, which combines inflation targeting with operational independence, provides a suitable arrangement for focused and credible monetary policy. However, potential weaknesses could result from features that have not yet been fully tested: the credibility and transparency of the inflation forecasts, which form the core of policy decisions, have diminished as a result of independence; and the framework could encourage excessive activism and frequent changes in interest rates. Although policy coordination could also suffer from independence, the new partly rules-based fiscal and monetary regimes will promote overall macroeconomic stability.
Author: Mr.Helmut Wagner Publisher: International Monetary Fund ISBN: 1451936680 Category : Business & Economics Languages : en Pages : 50
Book Description
In the 1990s, the issues of central banking and central bank independence have gained increasing attention, in part owing to the role of the future European central bank, but also owing to the emergence of transition countries and the role of central banks in these countries. The main focus of the paper is on the preconditions of disinflation and successful stability policy in transition countries, paying special attention to the institutional requirements and to the choice of nominal anchors.
Author: Lavan Mahadeva Publisher: Routledge ISBN: 1135126631 Category : Business & Economics Languages : en Pages : 692
Book Description
This broad-ranging collection assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Renowned experts contribute to this original and comprehensive text which will be of great value to professional economists and students of economics and banking alike. Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal
Author: Francesco Lippi
Author: Francesco Lippi
Author: Alex Cukierman
Author: Mr.Timo Valila
Author: International Monetary Fund
Author: 
Author: Philip Keefer
Author: Mr.Jan Kees Martijn
Author: Rodney Bruce Hall
Author: Mr.Helmut Wagner
Author: Lavan Mahadeva