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The role of political institutions for the effectiveness of central bank independence

Hielscher, Kai; Markwardt, Gunther - 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/10009012047

Stable money and central bank independence : implementing monetary institutions in postwar Germany

Hefeker, Carsten - 2019

Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This is a...

Persistent link: https://www.econbiz.de/10012119851

Connected lending of last resort

Mitchener, Kris; Monnet, Eric - 2023

Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...

Persistent link: https://www.econbiz.de/10013494187

Restructuring the ECB

Berger, Helge; Haan, Jakob de; Inklaar, Robert - 2003

Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...

Persistent link: https://www.econbiz.de/10011511101

(Why) do central banks care about their profits?

Goncharov, Igor; Ioannidou, Vasso; Schmalz, Martin C. - 2017

absent when no such factors are present, and (ii) correlated with more lenient monetary policy inputs and greater inflation …

Persistent link: https://www.econbiz.de/10011672490

Inflation in developing countries : does central bank independence matter?

Sturm, Jan-Egbert; Haan, Jakob de - 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/10011399279

Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program

Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014

This paper explores the potential effectiveness of the ECBś Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...

Persistent link: https://www.econbiz.de/10010246072

Can the Central Bank alleviate fiscal burdens?

Reis, Ricardo - 2017

constraint. It discusses five channels: (i) how inflation can (and cannot) lower the real burden of the public debt, (ii) how …

Persistent link: https://www.econbiz.de/10011704682

The failure of ECB monetary policy from a Mises-Hayek perspective

Schnabl, Gunther - 2017

The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...

Persistent link: https://www.econbiz.de/10011619626

The monetary policy of the ECB : a Robin Hood approach?

Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - 2013

We derive four sets of counterfactual national interest rate paths for the 17 Euro Area countries for the time period 1999 to 2012. They approximate desirable national interest rates countries would have liked to implement if they could still conduct independent monetary policy. We find that...

Persistent link: https://www.econbiz.de/10009724004