How do the media affect public support for democratic institutions in a fragile democracy? What role do they play in a dictatorial regime? We study these questions in the context of Germany of the 1920s and 1930s. During the democratic period, when the Weimar government introduced progovernment...

How do the media affect public support for democratic institutions in a fragile democracy? What role do they play in a dictatorial regime? We study these questions in the context of Germany of the 1920s and 1930s. During the democratic period, when the Weimar government introduced pro-government...

We study the short-run effect of elections on monetary aggregates in a sample of 85 low and middle income democracies (1975 - 2009). We find an increase in the growth rate of M1 during election months of about one tenth of a standard deviation. A similar effect can neither be detected in...

The article points out that monetary stability does not hinge upon formal central bank independence. The reason is that the legislator can easily restrict that independence by changing the law. Because the EU council as the true legislator does not face effective supervision by the citizens it...

We provide new evidence on the short-run effect of elections on monetary aggregates. We study month-to-month fluctuations in the growth rate of M1 in a sample of 85 low and middle income democracies from 1975 to 2009. The evidence shows an increase in the growth rate of M1 during election months...

Unrestrained power to create money makes possible the arbitrary seizure of property, either through an unlegislated transfer of wealth from the private to the public sector or through the capricious transfer of wealth between individuals. Money creation -- and by implication the seigniorage that...

A former Vice Chairman of the Board of Governors of the Federal Reserve System states his opinion on the Fed's constituency, its policy goals, its need for credibility and independence, and its obligation to be open, accountable, and candid in a democratic society. He argues that the Fed is, and...

While complementing the EMU with the necessary rules mandating budget discipline at domestic level, the fiscal compact inevitably affects the autonomy both of national parliaments and executive powers, as well as the life of millions of European citizens. A culture of financial stability...