March 2000 - Does delegation of policymaking authority to independent agencies improve policy outcomes? This paper reports new theory and tests related to delegation of monetary policy to an independent central bank. The authors find that delegation reduces inflation only under specific...

In this paper I investigate the trade-off a legislature faces in the choice of instruments to ensure accountability by bureaucrats with private information. The legislature can either design a state-contingent incentive scheme or “menu law” to elicit the bureau's information or it can simply...

Does delegation of policymaking authority to independent agencies improve policy outcomes? This paper reports new theory and tests related to delegation of monetary policy to an independent central bank. The authors find that delegation reduces inflation only under specific institutional and...

1. Central Bankers, Bureaucratic Incentives, and Monetary Policy: An Introduction -- I. Structure of Central Bank Financing and Bureaucratic Rents -- 2. Monetary Policy: Theory and Practice -- 3. Inflationary Bias of the Federal Reserve System: A Bureaucratic Perspective -- 4. Preliminary...

The arrival of globalization has brought about a lot of challenges for nations to meet. This paper takes a look at the capability of the Philippine state to cope with the demands of globalization. It documents the rules, laws, regulations, institutions and agencies that underlie the...

The increasing demands and expectations placed upon the Philippine bureaucracy by a redemocratizing society are further amplified by the strengthening of global institutional pressures emanating from organizations such as the World Trade Organization and the Asia Pacific Economic Cooperation....