George Zis, David Cobham and Athanasios Papadopoulos. The cost of political intervention in monetary policy. International Finance, 2004, vol. 7, no. 3, pages 471-493. Published by and copyright Wiley-Blackwell Publishing. The definitive version of this article is available from...

Between 1994 and 1997, UK monetary policy decisions were taken by the Minister of Finance, but the advice of the central bank was published with a short delay. Thus, the financial markets could observe when the political authority took the same view as the monetary authority and when it did not,...

This paper investigates the determinants and the stability of the demand for money in Greece for both narrow and broad definitions of money. The demand for M2 has not been previously studied. The findings of the empirical work suggest that the demand for M1 is unstable. For M2 the results...

The validity of the monetary approach to the Drachma/ECU exchange rate determination is investigated through cointegration, impulse response and variance decomposition analysis. The empirical results reported confirm recent findings that the monetary approach may be interpreted as a long-run...

Data from a unique monetary 'experiment' conducted in the UK during the period 1994-97 are used to investigate the cost of political intervention in monetary policy. The paper finds that the difference between government bond yields in Germany (but not the US) and the UK was systematically...