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The Role of Political Institutions for the Effectiveness of Central Bank Independence
Hielscher, Kai; Markwardt, Gunther - CESifo - 2011
independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country’s inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …
Persistent link: https://www.econbiz.de/10008914290
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Self-Preserving Leviathans - Evidence from Regional-Level Data
Kluge, Jan - 2015
This paper investigates the impact of the intensity of political competition on the leviathan behavior by political incumbents. Using panel data from German municipalities, we test whether the relative political strength of parties in local councils influences the spending behavior of...
Persistent link: https://www.econbiz.de/10013028902
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Self-preserving Leviathans - Evidence from Regional-level Data
Kluge, Jan; Markwardt, Gunther; Thater, Christian - CESifo - 2015
This paper investigates the impact of the intensity of political competition on the leviathan behavior by political incumbents. Using panel data from German municipalities, we test whether the relative political strength of parties in local councils influences the spending behavior of...
Persistent link: https://www.econbiz.de/10011155370
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Wage Bargaining and Political Strength in the Public Sector
Falch, Torberg - 2006
This paper analyses the link between political strength and public sector wages using a unique matched individual-employer data set for Norwegian local governments during the period 1990-1998. The results indicate that political strength, measured in several ways, has a positive effect on wages,...
Persistent link: https://www.econbiz.de/10012783324
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The Role of Political Institutions for the Effectiveness of Central Bank Independence
Hielscher, Kai; Markwardt, Gunther - 2021
independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country’s inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …
Persistent link: https://www.econbiz.de/10013316036
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Political Pressures and Monetary Mystique
Geraats, Petra M. - 2021
Central bank independence and transparency have become best practice in monetary policy. This paper cautions that transparency about economic information may not be beneficial in the absence of central bank independence. The reason is that it reduces monetary uncertainty, which could make the...
Persistent link: https://www.econbiz.de/10013317033
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Central Bank Independence and Conservatism Under Uncertainty : Substitutes or Complements?
Hefeker, Carsten - 2013
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so...
Persistent link: https://www.econbiz.de/10013093869
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Central Bank Independence and Conservatism under Uncertainty: Substitutes or Complements?
Hefeker, Carsten; Zimmer, Blandine - CESifo - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so...
Persistent link: https://www.econbiz.de/10008833933
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Does High Inflation Cause Central Bankers to Lose their Job? Evidence Based on a New Data Set
Dreher, Axel; Haan, Jakob de; Sturm, Jan-Egbert - CESifo - 2007
to the share of the term in office elapsed, political and regime instability, the occurrence of elections, and inflation … independence. This is confirmed in models for cross-section inflation in which TOR becomes insignificant once its endogeneity is …
Persistent link: https://www.econbiz.de/10005765668
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Inflation in Developing Countries: Does Central Bank Independence Matter?
Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001
We analyse whether central bank independence (CBI) affects inflation in developing countries. For this purpose we have … after high inflation countries are added to the sample. …
Persistent link: https://www.econbiz.de/10005196331