Description

This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence.

The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided.

This book will appeal to researchers, academics and policymakers in the fields of monetary policy, financial economics, money and banking and political economy.

Central Bank Independence, Targets and Credibility: Political and Economic Aspects of Delegation Arrangements for Monetary Policy

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Hardback by Francesco Lippi

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This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence.The author... Read more

    Publisher: Edward Elgar Publishing Ltd
    Publication Date: 27/01/1999
    ISBN13: 9781858989150, 978-1858989150
    ISBN10: 1858989159

    Number of Pages: 176

    Non Fiction , Business, Finance & Law

    Description

    This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence.

    The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided.

    This book will appeal to researchers, academics and policymakers in the fields of monetary policy, financial economics, money and banking and political economy.

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