Dieser Artikel behauptet, dass die Effektivität der Unabhängigkeit der Zentralbank und fester Wechselkurse von zwei Schlüsselfaktoren abhängt: politischen Institutionen und asymmetrischer Information. Die Wirkung dieser beiden Faktoren ist jedoch unterschiedlich. Während die Gegenwart einer...

In economically volatile conditions in which it is more difficult for the public to distinguish inflation deliberately generated by government from inflation created by unanticipated economic shocks, the anti-inflationary effect of central bank independence will be unchanged but the...

In economically volatile conditions in which it is more difficult for the public to distinguish inflation deliberately generated by government from inflation created by unanticipated economic shocks, the anti-inflationary effect of central bank independence will be unchanged but the...

The authors develop and test several new hypotheses about the anti-inflationary effect of central bank independence and exchange rate pegs in the context of different institutions and different degrees of citizen information about government policies. Theory provides strong reason to believe...