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A Deliberative Independent Central Bank
Jericha, Erwin; Schürz, Martin - Oesterreichische Nationalbank - 2006
The paper develops a communication game that is applied to the question of central bank policy and independence. The game is about the preferred degree of conservatism of monetary policy and the game setting consists of a principal (politics), an agent (central bank) and an observer (financial...
Persistent link: https://www.econbiz.de/10005802625
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Working Paper 133
Schürz, Martin; Jericha, Erwin - Oesterreichische Nationalbank - 2006
The paper develops a communication game that is applied to the question of central bank policy and independence. The game is about the preferred degree of conservatism of monetary policy and the game setting consists of a principal (politics), an agent (central bank) and an observer (financial...
Persistent link: https://www.econbiz.de/10010727790
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Der Bericht der Expertengruppe : "Reform der Währungsordnung" Eine kritische Würdigung
UNGERN-STERNBERG, Thomas VON; JAMETTI, Mario - Départment d'économétrie et d'économie politique … - 2001
accountability. Decisions having a direct effect on the tax burden of the citizen cannot be left to the discretion of the SNB. The …
Persistent link: https://www.econbiz.de/10005518851
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Independence and Accountability of Monetary and Fiscal Policy Committees
Mihailov, Alexander; Ullrich, Katrin - 2007
The democratic accountability of policymaking institutions which are autonomous within delegated mandates has not … received as much attention as their independence. We analyze in a theoretical model the effects of accountability in the form … expectations on target and output stabilization that is not solved with accountability. …
Persistent link: https://www.econbiz.de/10010297927
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On the efficiency-legitimacy trade-off in EMU
Torres, Francisco - Departamento de Economia, Gestão e Engenharia … - 2006
This paper addresses the question whether the process of European monetary integration implies efficiency-legitimacy trade-off. The paper considers that the process of monetary policy delegation to the European Central Bank (ECB), ratified by all European Union (EU) parliaments, was a...
Persistent link: https://www.econbiz.de/10005021898
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Independence and Accountability of Monetary and Fiscal Policy Committees
Mihailov, Alexander; Ullrich, Katrin - Henley Business School, University of Reading - 2008
The democratic accountability of policymaking institutions which are autonomous within delegated mandates has not … received as much attention as their independence. We analyze in a theoretical model the effects of accountability inthe form of … on target and output stabilization that is not solved with accountability. …
Persistent link: https://www.econbiz.de/10005146629
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On the efficiency-legitimacy trade-off in EMU
Torres, Francisco - Núcleo de Investigação em Políticas Económicas … - 2007
This paper addresses the question whether the process of European monetary integration implies efficiency-legitimacy trade-off. The paper considers that the process of monetary policy delegation to the European Central Bank (ECB), ratified by all European Union (EU) parliaments, was a...
Persistent link: https://www.econbiz.de/10005704701
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Public Debt Policy: Credibility and Institutions
Pavelek, Petr - In: Czech Journal of Economics and Finance (Finance a uver) 53 (2003) 5-6, pp. 190-219
The paper considers modern frameworks of public debt management from a credibility perspective. It focuses on the institutional and operational arrangements of effective debt management. In particular, the author seeks to shed light upon the contemporary problems of Czech debt manager compared...
Persistent link: https://www.econbiz.de/10008495823
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Independence and Accountability of Monetary and Fiscal Policy Committees
Mihailov, Alexander; Ullrich, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007
The democratic accountability of policymaking institutions which are autonomous within delegated mandates has not … received as much attention as their independence. We analyze in a theoretical model the effects of accountability in the form … expectations on target and output stabilization that is not solved with accountability. …
Persistent link: https://www.econbiz.de/10005098312
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Institutional Conditions of Monetary Policy Conduct in the Czech Republic
Sedláček, Petr - In: Prague Economic Papers 2006 (2006) 2, pp. 113-134
This paper tries to assess the conditions under which the CNB operates. Using a basic framework suggested by Mishkin (2000), the aim is to find out whether the central bank is able to conduct high-quality monetary policy. First, general principles that central banks should follow to succeed in...
Persistent link: https://www.econbiz.de/10005036550