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central banks. First, Williamson's theory of "governance as integrity" (probity) is applied to the internal management of … central banks. Moe's theory of "public bureaucracy" is applied to the concept of central bank independence. Second, we apply … agency theory to the issues associated with central bank independence and accountability. Third, public choice theory is …
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What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10013321048
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10014460964
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In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...
Persistent link: https://www.econbiz.de/10009640339
I show that the probability that the Board of Governors of the Federal Reserve System staff's forecasts (the "Greenbooks'") overpredicted quarterly real gross domestic product (GDP) growth depends on both the forecast horizon and also whether the forecasted quarter was above or below trend real...
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