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central bank independence is reminiscent of the fiery debates amongst Germany's political elites in 1949 on the same issue …; debates that were sparked by the establishment of West Germany in that year. Simon Mee shows how, with the establishment of … West Germany's central bank - today's Deutsche Bundesbank - the country's monetary history became a political football, as …
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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...
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Most of the literature on monetary policy delegation assumes that the government can credibly commit to the delegation contract, an assumption criticized by McCallum. This paper provides foundations for the assumption that renegotiating a delegation contract can be costly by illustrating how...
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