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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/10010274749
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The Credibility of Monetary Policy Announcements - Empirical Evidence for OECD Countries since the 1960s
Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - 2012
Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for … a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this …
Persistent link: https://www.econbiz.de/10010334520
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Monetary commitment, institutional constraints and inflation: empirical evidence for OECD countries since the 1970s
Freytag, Andreas; Schneider, Friedrich G. - 2007
Central bank independence (CBI) is a very important precondition for price stability. However, the empirical evidence for a correlation between both is relatively weak. In this paper, this weakness is countered with a) an extended measure of monetary commitment, which includes well-known...
Persistent link: https://www.econbiz.de/10010276593
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States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives
Balling, Morten; Jackson, Patricia; Gnan, Ernest; … - 2013
On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...
Persistent link: https://www.econbiz.de/10011689959
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Measuring effective monetary policy conservatism
Berlemann, Michael; Hielscher, Kai - 2009
According to the game-theoretic model of monetary policy, inflation is the consequence of time-inconsistent behavior of … the monetary authority. The inflation bias can be eased by handing over the responsibility for monetary policy to an …
Persistent link: https://www.econbiz.de/10010270388
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Does Government Ideology Matter in Monetary Policy? – A Panel Data Analysis for OECD Countries
Belke, Ansgar; Potrafke, Niklas - 2009
This paper examines the effect of government ideology on monetary policy in a quarterly data set of 15 OECD countries in the period 1980.1-2005.4. Our Taylor-rule specification focuses on the interactions of a new time-variant indicator for central bank independence and government ideology. The...
Persistent link: https://www.econbiz.de/10010265771
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Social Trust and Central-Bank Independence
Berggren, Niclas; Daunfeldt, Sven-Olof; Hellström, Jörgen - 2012
Central banks have been made more independent in many countries. A common rationale has been the existence of a credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social trust and central-bank independence. Our empirical...
Persistent link: https://www.econbiz.de/10010320270
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Has globalisation increased inequality?
Dreher, Axel; Gaston, Noel - 2006
There has been no shortage of theories which purport to explain why globalisation may have, adverse, insignificant or even beneficial effects on income and earnings inequality. Surprisingly, the empirical realities remain an almost complete mystery. In this paper we use data on industrial wage...
Persistent link: https://www.econbiz.de/10010285880
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Pay and Productivity in a Corporatist Economy: Evidence from Austria
Fuess, Jr. Scott M.; Millea, Meghan - 2001
efficiency benefit of corporatism. For laborers in manufacturing, we find that wage hikes result in productivity gains. Managers …
Persistent link: https://www.econbiz.de/10010262451
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The positive economics of corporatism and corporate governance
Fehn, Rainer; Meier, Carsten-Patrick - 2000
This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Two politicoeconomic equilibria arise from our model, one with little protection of insiders on capital and labor markets, and another one with...
Persistent link: https://www.econbiz.de/10010265445