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Ups and Downs. Central Bank Independence from the Great Inflation to the Great Recession : Theory, Institutions and Empirics
Masciandaro, Donato - 2016
framework is then used to interpret the evolution of central bank independence from the Great Inflation throughout the Great …
Persistent link: https://www.econbiz.de/10013004944
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Populism, economic policies and central banking
Agur, Itai; Gnan, Ernest; Masciandaro, Donato; Binder, … - Populism, Economic Policies and Central Banking …; … - 2020
Persistent link: https://www.econbiz.de/10012225066
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The Role of Central Bank Independence on Optimal Taxation and Seigniorage
Vuletin, Guillermo - 2011
Should inflation be thought of as "just another tax?" The theoretical basis for doing so dates back to Phelps (1973 … distortions of all available taxes, including the inflation tax, a key distinctive theoretical implication obtained by these … models is that inflation and tax rates have a positive relationship. While theoretically appealing, empirical studies and …
Persistent link: https://www.econbiz.de/10013122486
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Bank Bailouts and Redistributive Monetary Policy : Voting on Central Bank Independence
Masciandaro, Donato - 2013
In this paper bank bailout rules and central bank independence (CBI) are determined by majority voting. The failure of a bank is socially costly, since bailouts are financed by distortionary taxation. The tax distortion can be reduced via monetization, i.e. lowering CBI; but monetization causes...
Persistent link: https://www.econbiz.de/10013071502
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Populism, Financial Inequality and Central Bank Independence : A Political Economics Approach
Masciandaro, Donato - 2018
This paper examines myopic, populist policies that guarantee short-term financial protection of the people from the elite without regard for long-term fiscal or monetary distortions. Assuming that citizens are financially heterogeneous, this paper shows that inefficient outcomes can arise when...
Persistent link: https://www.econbiz.de/10012922659
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Does low inflation pose a risk to economic growth and central banks reputation?
Dąbrowski, Marek - 2020
Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic … growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the … reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they …
Persistent link: https://www.econbiz.de/10012230450
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Financial fragility in developing countries : an analysis in the context of monetary policy and central bank independence
Tosun, Bengü; Başar, Selim - In: Journal of central banking theory and practice 13 (2024) 1, pp. 89-116
This study aims to examine the effects of monetary policies implemented by developed countries and central bank independence of developing countries on the financial fragility of developing countries. According to the findings, it was seen that the contractionary monetary policies implemented by...
Persistent link: https://www.econbiz.de/10014496289
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Escaping the Great Recession
Bianchi, Francesco - 2016
We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...
Persistent link: https://www.econbiz.de/10012979122
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Escaping the Great Recession
Bianchi, Francesco - 2014
announcements by the fiscal and monetary authorities can lead to high inflation and large output losses. The policy trade-off can be …
Persistent link: https://www.econbiz.de/10013040335
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Escaping the Great Recession
Bianchi, Francesco - 2015
High uncertainty is an inherent implication of the zero lower bound, while deflation is not because of inflationary pressure due to uncertainty about how debt will be stabilized. We show that policy uncertainty empirically accounts for the absence of deflation in the US economy. Announcing...
Persistent link: https://www.econbiz.de/10013035011