Who Wants an Independent Central Bank? Monetary Policy-making and Politics
The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business-cycles model. It is shown that political parties with different ideologies prefer to choose different arrangements for macroeconomic policy-making. More specifically, right-wing part...
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| Published in | The Scandinavian journal of economics Vol. 102; no. 4; pp. 621 - 643 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Oxford, UK and Boston, USA
Blackwell Publishers Ltd
01.12.2000
Blackwell Publishers Wiley Blackwell Basil Blackwell Ltd., etc Blackwell Publishing Ltd |
| Series | Scandinavian Journal of Economics |
| Subjects | |
| Online Access | Get full text |
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| Abstract | The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business-cycles model. It is shown that political parties with different ideologies prefer to choose different arrangements for macroeconomic policy-making. More specifically, right-wing parties favour independent central banks more than left-wing parties. An independent central bank is also the generally preferred option from a social welfare point of view. In addition, the form of policy-making arrangements between the fiscal and monetary authorities is shown to influence the extent of partisan cycles. |
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| AbstractList | The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business-cycles model. It is shown that political parties with different ideologies prefer to choose different arrangements for macroeconomic policy-making. More specifically, right-wing parties favour independent central banks more than left-wing parties. An independent central bank is also the generally preferred option from a social welfare point of view. In addition, the form of policy-making arrangements between the fiscal and monetary authorities is shown to influence the extent of partisan cycles. The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business-cycles model. It is shown that political parties with different ideologies prefer to choose different arrangements for macroeconomic policy-making. More specifically, right-wing parties favour independent central banks more than left-wing parties. An independent central bank is also the generally preferred option from a social welfare point of view. In addition, the form of policy-making arrangements between the fiscal and monetary authorities is shown to influence the extent of partisan cycles. Copyright 2000 by The editors of the Scandinavian Journal of Economics. The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business‐cycles model. It is shown that political parties with different ideologies prefer to choose different arrangements for macroeconomic policy‐making. More specifically, right‐wing parties favour independent central banks more than left‐wing parties. An independent central bank is also the generally preferred option from a social welfare point of view. In addition, the form of policy‐making arrangements between the fiscal and monetary authorities is shown to influence the extent of partisan cycles. JEL classification : E 32; E 58; E 63; C 72 The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business‐cycles model. It is shown that political parties with different ideologies prefer to choose different arrangements for macroeconomic policy‐making. More specifically, right‐wing parties favour independent central banks more than left‐wing parties. An independent central bank is also the generally preferred option from a social welfare point of view. In addition, the form of policy‐making arrangements between the fiscal and monetary authorities is shown to influence the extent of partisan cycles. JEL classification: E32; E58; E63; C72 |
| Author | Ozkan, F. Gulcin |
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| Copyright | Copyright 2000 The Editors of the Scandinavian Journal of Economics The Editors of the Scandinavian Journal of Economics 2000 Copyright Blackwell Publishers Dec 2000 |
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| DOI | 10.1111/1467-9442.00218 |
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| Snippet | The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business-cycles model. It is shown that political... The costs and benefits of cooperative monetary and fiscal policy are analysed in the framework of a partisan business‐cycles model. It is shown that political... |
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| SubjectTerms | Banking system Business cycles Central banks Conservatism Cooperation Economic conditions Economic fluctuations Economic models Economic policy Financial performance Fiscal policy Government spending Independence independent central banks Labor unions Liberalism Macroeconomics monetary and fiscal authorities Monetary policy partisan cycles Policy making Political behavior Political parties Political partisanship Scandinavia Studies Taxes |
| Title | Who Wants an Independent Central Bank? Monetary Policy-making and Politics |
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