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A Theory of Central Bank Accountability
Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2000
In this paper we investigate central bank accountability by looking at the effect of transparency in a simple monetary …'s accountability. The paper shows that transparency leads to a lower expected rate of inflation and less stabilization of supply shocks. …
Persistent link: https://www.econbiz.de/10005666712
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Accountability and Decentralization in Government: An Incomplete Contracts Model
Seabright, Paul - C.E.P.R. Discussion Papers - 1994
. Centralization allows benefits from policy coordination but has costs in terms of diminished accountability, which can be precisely …
Persistent link: https://www.econbiz.de/10005792514
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Rational Crowd-Pleasing and Democratic Accountability
Dewatripont, Mathias; Seabright, Paul - C.E.P.R. Discussion Papers - 2010
wasteful projects are often attributed to weak mechanisms of accountability, such as inadequate opportunities for voters to … wasteful spending may be a by-product of the accountability of politicians to their voters, not a symptom of its weakness or …
Persistent link: https://www.econbiz.de/10008468681
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Central Bank Independence, Accountability and Transparency: Complements or Strategic Substitutes?
Hughes Hallett, Andrew; Libich, Jan - C.E.P.R. Discussion Papers - 2006
they perceive public scrutiny (accountability) as intrusive. Combining these findings implies that both goal …-transparency and accountability will be negatively related to goal-independence for which we present empirical support using …
Persistent link: https://www.econbiz.de/10005123596
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How Transparent are Central Banks?
Eijffinger, Sylvester C W; Geraats, Petra M - C.E.P.R. Discussion Papers - 2002
Central bank transparency has become the topic of a lively public and academic debate on monetary policy. Unfortunately, it has been complicated by the fact that transparency is a qualitative concept that is hard to measure. This Paper proposes a comprehensive index for central bank transparency...
Persistent link: https://www.econbiz.de/10005123819
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An Independent Central Bank Faced With Elected Governments
Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1999
The literature argues that the benefits of an independent Central Bank accrue at no cost to the real side. In this paper, we argue that the lack of correlation between monetary autonomy and output variability is due to the proactive role of fiscal policy when faced with rigid monetary...
Persistent link: https://www.econbiz.de/10005124130
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How Robust is the New Conventional Wisdom? The Surprising Fragility of the Theoretical Foundations of Inflation Targeting and Central Bank Independence
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2006
cooperative monetary and fiscal policy. Central bank operational independence precludes substantive accountability; it is … compatible only with a weak form of formal accountability: reporting obligations. Central bank independence will only survive if …
Persistent link: https://www.econbiz.de/10005124349
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Credibility, Transparency and Asymmetric Information in Monetary Policy
Hughes Hallett, Andrew; Viegi, Nicola - C.E.P.R. Discussion Papers - 2001
partial, but strictly limited substitute for accountability. …
Persistent link: https://www.econbiz.de/10005136496
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Towards A More Perfect EMU
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999
unwieldy to deliver a good policy mix and permit adequate accountability. One money is hardly compatible with eleven … particular, governments will have to decide whether to allow competition among national institutions, chiefly labour markets, or …
Persistent link: https://www.econbiz.de/10005136547
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Inflation Targeting: What can the ECB Learn from the Recent Experience of the Bank of England
Artis, Michael J; Kontolemis, Zenon G; Mizen, Paul D - C.E.P.R. Discussion Papers - 1998
The establishment of the European Central Bank (ECB) presents a rare opportunity to define the operations of a central bank with no prior track record. Before the ECB specifies an, as yet undefined, operational target this paper asks what might be learnt from the recent experience of inflation...
Persistent link: https://www.econbiz.de/10005136552