Two different institutions, meant to provide each other's support, underpin economic policymaking in Euroland. First, a shared central bank whose objectives and operational procedures imply inflation stabilization weighting more heavily (relative to employment stabilization) than that the social...

This study examines the effect of regulatory independence of the central bank in shaping the impact of electoral cycles on bank lending behaviour in Africa. It employs the dynamic system Generalized Method of Moments (SGMM) Two-Step estimator for a panel dataset of 54 African countries over the...

We analyze the ECB Governing Council’s voting procedures. The literature has by now discussed numerous aspects of the rotation model but does not account for many institutional aspects of the voting procedure of the GC. Using the randomization scheme based on the multilinear extension (MLE) of...

Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks' presidents members of FOMC, Governors of national central banks members of the ECB's Governing Council) are liable to confront a "role conflict" stemming from a duality of loyalties and allegiances - to...

Today from the UK with Brexit leavers and remainers, to Venezuela and Turkey, the USA and Brazil, South Korea and Kenya we find governments whose legitimacy is under question, and whose voters are almost equally divided between one camp or another. No election goes uncontested and no office...

From the late 1980s, many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we find that over the same period...

I consider whether a rules-based fiat money system can outperform the gold standard in delivering economic stability. I discuss the potential objectives of monetary policy in Section 1 and the means for achieving the objective in Section 2. I turn to questions of political economy in Section 3....

This paper investigates whether uncertainty about economic policy plays a role in shaping the credibility and reputation of the central bank in the eyes of the general public. In particular, we look at the effect of policy uncertainty for the dynamics of citizens' opinion, being trust,...

This paper investigates whether uncertainty about economic policy plays a role in shaping the credibility and reputation of the central bank in the eyes of the public. In particular, we look at the effect of policy uncertainty for the dynamics of citizens' opinion, being trust, satisfaction or...