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Does low inflation pose a risk to economic growth and central banks reputation?
Dąbrowski, Marek - 2020
Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic … growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the … reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they …
Persistent link: https://www.econbiz.de/10012230450
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Ups and Downs. Central Bank Independence from the Great Inflation to the Great Recession : Theory, Institutions and Empirics
Masciandaro, Donato - 2016
framework is then used to interpret the evolution of central bank independence from the Great Inflation throughout the Great …
Persistent link: https://www.econbiz.de/10013004944
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Central bank independence : a rigged debate based on false politics and economics
Palley, Thomas I. - 2019
inflation prone government. Step two argues independence is the solution to that problem. This paper challenges that case and …
Persistent link: https://www.econbiz.de/10012104487
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Financial fragility in developing countries : an analysis in the context of monetary policy and central bank independence
Tosun, Bengü; Başar, Selim - In: Journal of central banking theory and practice 13 (2024) 1, pp. 89-116
This study aims to examine the effects of monetary policies implemented by developed countries and central bank independence of developing countries on the financial fragility of developing countries. According to the findings, it was seen that the contractionary monetary policies implemented by...
Persistent link: https://www.econbiz.de/10014496289
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The Role of IMF Conditionality for Central Bank Independence
Kern, Andreas - 2020
This paper studies the role of the International Monetary Fund (IMF) in promoting central bank independence (CBI). While anecdotal evidence suggests that the IMF has been playing a vital role for CBI, the underlying mechanisms of this influence are not well understood. We argue that the IMF has...
Persistent link: https://www.econbiz.de/10012824247
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Populism, Financial Inequality and Central Bank Independence : A Political Economics Approach
Masciandaro, Donato - 2018
This paper examines myopic, populist policies that guarantee short-term financial protection of the people from the elite without regard for long-term fiscal or monetary distortions. Assuming that citizens are financially heterogeneous, this paper shows that inefficient outcomes can arise when...
Persistent link: https://www.econbiz.de/10012922659
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Central Bank Independence : Metrics and Empirics
Masciandaro, Donato; Magurno, Jacopo; Tarsia, Romano - 2021
This paper reviews the evolution of the literature on Central Bank Independence (CBI) focusing on its metrics as well as on its empirical association with macroeconomic variables. Part One describes the evolution of the CBI indicators, while Part Two analyses the econometric studies devoted to...
Persistent link: https://www.econbiz.de/10013251614
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Transforming "sympathetic interlocutors" into veto players
Reinsberg, Bernhard; Kern, Andreas; Rau-Goehring, Matthias - 2021
International organizations (IOs) often drive policy change in member countries. Given IOs' limited political leverage over a member country, previous research argues that IOs rely on a combination of hard pressures (i.e., conditionality) and soft pressures (i.e., socialization) to attain their...
Persistent link: https://www.econbiz.de/10012421091
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The role of IMF conditionality for central bank independence
Kern, Andreas; Reinsberg, Bernhard; Rau-Goehring, Matthias - 2020
This paper studies the role of the International Monetary Fund (IMF) in promoting central bank independence (CBI). While anecdotal evidence suggests that the IMF has been playing a vital role for CBI, the underlying mechanisms of this influence are not well understood. We argue that the IMF has...
Persistent link: https://www.econbiz.de/10012271557
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The Politicization of Monetary Policy – Revisiting Central Bank Independence in the Light of the Current Political Climate
Küpfer, Mathias - 2020
a significant impact on inflation, inflation volatility and to a lesser extent on GDP per capita …
Persistent link: https://www.econbiz.de/10014090553