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Author :
Publisher :
ISBN 13 :
Total Pages : 249 pages
Book Rating : 4.46/5 ( download)
Download or read book Institutions and monetary policy : credibility, flexibility and central bank independence written by and published by . This book was released on 1995 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francesco Lippi
Publisher : Edward Elgar Publishing
ISBN 13 : 9781782542971
Total Pages : 180 pages
Book Rating : 4.73/5 ( download)
Download or read book Central Bank Independence, Targets, and Credibility written by Francesco Lippi and published by Edward Elgar Publishing. This book was released on 1999-01-27 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 policy makers in the fields of monetary policy, financial economics, money and banking and political economy.
Author : Philip Keefer
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4./5 ( download)
Download or read book Checks and Balances, Private Information, and the Credibility of Monetary Commitments written by Philip Keefer and published by World Bank Publications. This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In economically volatile conditions in which it is more difficult for the public to distinguish inflation deliberately generated by government from inflation created by unanticipated economic shocks, the anti-inflationary effect of central bank independence will be unchanged but the effectiveness of exchange rate pegs will be significantly improved. Keefer and Stasavage develop and test several new hypotheses about the anti-inflationary effect of central bank independence and exchange rate pegs in the context of different institutions and different degrees of citizen information about government policies.
Author : Mr.Timo Valila
Publisher : International Monetary Fund
ISBN 13 : 1451841744
Total Pages : 17 pages
Book Rating : 4.49/5 ( download)
Download or read book Credibility of Central Bank Independence Revisited written by Mr.Timo Valila and published by International Monetary Fund. This book was released on 1999-01-01 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The specific role of central bank independence in determining the overall credibility of monetary policy is addressed in this paper. It is argued that the credibility of delegating monetary policy to an independent central bank is endogenous to the credibility of the inflation target because a “conservative” inflation target may not be compatible with the fiscal policy stance. Also, lack of transparency in designing the institutional set-up is shown to be welfare-reducing.
Author : Sylvester C. W. Eijffinger
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.92/5 ( download)
Download or read book Optimal Commitment in an Open Economy written by Sylvester C. W. Eijffinger and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theoretical argument for central bank independence is based on the idea that even if the government represents people's preferences over inflation and output it has an incentive to renege from prearranged plans to gain a short run boost to output. This incentive leads to higher than desired inflation. One solution to this credibility problem is to give control of monetary policy to an independent central bank that is more averse to inflation than society. Central bank independence thus reduces society's credibility problem but this may be at the expense of less flexible countercyclical monetary policy. The aim of this paper is to find the correct balance between credibility and flexibility, ie the optimal degree of central bank independence. The first part of the paper sets out an open economy model and identifies some macroeconomic factors that influence the optimal degree of independence. It finds that the optimal degree of independence increases when; 1. the NAIRU is higher, 2. the benefits of unanticipated inflation are greater, 3. society is less inflation-averse, 4. productivity shocks have smaller variance, 5. the real exchange rate has less variability, 6. the economy is less open. The second part of the paper estimates the relationship between these six factors and measures of central bank independence for 19 industrial countries using a latent variables estimation technique. It finds that, in general, the actual degree of independence is related to these six factors and so the institutional arrangements in most countries are close to the optimum. The main exceptions are Germany and Switzerland - that seem to have an excessively high degree of independence - and Australia, Norway, Sweden and the UK - which have a lower than optimal degree of independence.
Author : Sylvester C. W. Eijffinger
Publisher : International Finance Section Department of Econ Ton Univers
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.09/5 ( download)
Download or read book The Political Economy of Central-bank Independence written by Sylvester C. W. Eijffinger and published by International Finance Section Department of Econ Ton Univers. This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alex Cukierman
Publisher : MIT Press
ISBN 13 : 9780262031981
Total Pages : 532 pages
Book Rating : 4.81/5 ( download)
Download or read book Central Bank Strategy, Credibility, and Independence written by Alex Cukierman and published by MIT Press. This book was released on 1992 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together a large body of Cukierman's research and integrates it with recent developments in the political economy of monetary policy.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451966423
Total Pages : 59 pages
Book Rating : 4.28/5 ( download)
Download or read book Central Bank Independence written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-06-01 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.
Author : Clive Briault
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.42/5 ( download)
Download or read book Independence and Accountability written by Clive Briault and published by . This book was released on 1996 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.67/5 ( download)
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
