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This paper argues that, despite the substantial independence offered by the Maastricht Treaty, the ESCB will wish to bind itself by a set of voluntary rules in the conduct of monetary policy. This binding will occur because of the demands of policy itself. The ESCB as such has no history of a...
Persistent link: https://www.econbiz.de/10005190770
Abstract: In a greatly interdependent world economy, the number of global and regional public goods, from financial stability to sustainable growth, quickly increase and call for greater global and regional collective action. This paper tries to understand which mechanisms, if any, have been...
Persistent link: https://www.econbiz.de/10009147480
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. … banker's preferences for inflation stabilization relative to output stabilization. Transparency enhances the central bank …
Persistent link: https://www.econbiz.de/10005666712
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 that comprises the political, economic, procedural, policy and …
Persistent link: https://www.econbiz.de/10005123819
This paper attempts to discern from financial market data the impact of greater monetary policy transparency over the … difficult to isolate from cross-country data any specific preferred model of monetary policy transparency. …
Persistent link: https://www.econbiz.de/10005423616
. Transparency enhances the central bank’s accountability. Another way to make the central bank accountable is to shift final … central bank lower. The paper shows that accountability through transparency leads to a lower expected rate of inflation and …This paper develops a theory of central bank accountability. Two aspects of accountability are considered. The first …
Persistent link: https://www.econbiz.de/10011092603
Persistent link: https://www.econbiz.de/10005553290
for EIT), as well as less willingness to do so (due to a higher degree of accountability associated with a transparently …
Persistent link: https://www.econbiz.de/10010988806
The issue of communicated accountability is particularly important in Faith-Based Charity Organisations as the donated … Stewart’s (<CitationRef CitationID="CR70">1984</CitationRef>) ladder of accountability with the Statement of Recommended … Practice guidance for charities, this paper examines communicated accountability practices of Muslim and Christian Charity …
Persistent link: https://www.econbiz.de/10010989828
regarding its focus range, to make it even more effective. In our view, the transparency/accountability issue represented by a … optimal degree of ECB transparency and accountability towards the EP, the key democratic institution. …
Persistent link: https://www.econbiz.de/10010860300