After appointing Federal Reserve Chairman Powell, President Trump steadily put pressure on the Fed to cut interest rates. We show that, on average, a statement from Trump led to lower long-term interest rates, consistent with expectations of lower expected future short rates. However, the impact...

This paper explores the level of independence of the National Bank of the Republic of Macedonia by primarily focusing on the legal provisions that pertain to the key aspects for achieving and maintaining price stability. It provides a historical perspective of the evolution of the independence...

The independence of Central Banks is still considered tobe a credibility factor in ensuring price stability. Thus, many centralbanks in transition countries have undergone a change in their stat-utes in order to achieve greater independence from governments. Inthis vein, within a decade, North...