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

Hielscher, Kai; Markwardt, Gunther - In: European Journal of Political Economy 28 (2012) 3, pp. 286-301

This paper empirically studies the impact of the quality of political institutions on the link between central bank independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible nonlinearities, we employ interaction models to...

Persistent link: https://www.econbiz.de/10010688302

Managing financial market expectations: The role of central bank transparency and central bank communication

Neuenkirch, Matthias - In: European Journal of Political Economy 28 (2012) 1, pp. 1-13

In this paper, we study the influence of central bank transparency and informal central bank communication on the …, first, that transparency reduces the bias in money market expectations and dampens their variation. Second, informal … the Eijffinger and Geraats (2006) transparency index lead to a smaller bias in expectations (in particular, evaluation of …

Persistent link: https://www.econbiz.de/10010574390

What's in a second opinion? Shadowing the ECB and the Bank of England

Neuenkirch, Matthias; Siklos, Pierre L. - In: European Journal of Political Economy 32 (2013) C, pp. 135-148

One way of evaluating how well monetary authorities perform is to provide the public with a regular and independent second opinion. The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professional and academic economists who provide a separate policy rate recommendation...

Persistent link: https://www.econbiz.de/10010719638