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Reflections on the Current Fashion For Central Bank Independence

Bibow, Jörg - EconWPA - 2001

This paper challenges the time-inconsistency case for central bank independence. It argues that the time-inconsistency literature not only seriously confuses the substance of the rules versus discretion debate, but also posits an implausible view of monetary policy. Most worrisome, the...

Persistent link: https://www.econbiz.de/10005561151

Do We Really Need Central Bank Independence? A Critical Re- examination

Hayo, Bernd; Hefeker, Carsten - EconWPA - 2001

In this survey, we critically review the argument for central bank independence (CBI). We argue CBI is neither necessary nor sufficient for reaching monetary stability. First, CBI is just one potentially useful monetary policy design instrument among several. Second, CBI should not be treated as...

Persistent link: https://www.econbiz.de/10005126298

Europe’s Quest for Monetary Stability: Central Banking Gone Astray

Bibow, Jorg - EconWPA - 2005

This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking functions, the kind of independence granted to the system and the role of monetary policy...

Persistent link: https://www.econbiz.de/10005126453

Liquidity Preference Theory Revisited—To Ditch or to Build on It?

Bibow, Joerg - EconWPA - 2005

This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory … and after, with a view of assessing the theory’s ongoing relevance and applicability to issues of both monetary theory and … policy. Contrary to the neoclassical “special case” interpretation, Keynes considered his liquidity preference theory of …

Persistent link: https://www.econbiz.de/10005126066

The credibility of monetary policy: a survey of the literature with some simple applications to Caanda

Amano, Robert; Fenton, Paul; Tessier, David; Norden, … - EconWPA - 1996

We don't have an abstract yet, sorry. But I think the title is pretty descriptive.

Persistent link: https://www.econbiz.de/10005407873

Limited Commitment, Inaction and Optimal Monetary Policy

Mirzoev, Tokhir - EconWPA - 2004

This paper examines the optimal frequency of monetary policy meetings when their schedule is pre-announced. Our contribution is twofold. First, we show that in the standard New Keynesian framework infrequent but periodic revision of monetary policy may be desirable even when there are no...

Persistent link: https://www.econbiz.de/10005076774

The Philippine Central Bank's Monetary Policy Reaction Function from 1992 to 2003

Salas, John Michael Ian S. - EconWPA - 2004

This paper attempts to provide an empirical determination of the Philippine central bank's (BSP) recent monetary policy stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior. Employing Clarida, Gali, and Gertler's (1998,...

Persistent link: https://www.econbiz.de/10005561255

Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean

Jácome, Luis; Vázquez, Francisco - EconWPA - 2005

This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, the paper finds a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI,...

Persistent link: https://www.econbiz.de/10005126338

Central Bank Independence Promotes Budgetary Efficiency

Doi, Takero - EconWPA - 1998

This paper shows theoretically that inefficient public expenditure can be institutionally curtailed by an independent central bank. An advantage of our analysis is to employ a two-country model with cash-in- advance constraints. The model can deal with fiscal policy as well as monetary policy...

Persistent link: https://www.econbiz.de/10005556900

Investigating the Intellectual Origins of Euroland’s Macroeconomic Policy Regime: Central Banking Institutions and Traditions in West Germany After the War

Bibow, Jörg - EconWPA - 2004

economic theory had no decisive influence on the outcome, the central bank’s role as a political actor in its own right and in …

Persistent link: https://www.econbiz.de/10005561053

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