논문KCI 등재
Monetary policy and central bank independence under endogenous conservatism
1
조회
0
다운로드
0
인용
0
참고문헌
키워드
주제분류경제학
초록
In this paper we study the effects of monetary policy under endogenous conservatism. We find a feedback mechanism of macroeconomic outcomes on policy conservatism to destabilize the economy or at least to contribute to considerable adjustment costs. Central bank independence turns out to be a suitable solution to this problem.
Abstract
In this paper we study the effects of monetary policy under endogenous conservatism. We find a feedback mechanism of macroeconomic outcomes on policy conservatism to destabilize the economy or at least to contribute to considerable adjustment costs. Central bank independence turns out to be a suitable solution to this problem.
참고문헌 (21)
- Bar-Gill, O., "Public policy with endogenous preferences", Journal of Public Economic Theory, 7, pp.841~857 (2005)
- Barro, R. J., "A positive theory of monetary policy in a natural rate model", Journal of Political Economy, 91, pp.589~610 (1983)
- Berlemann, M., "Time inconsistency of monetary policy : Empirical evidence from polls", Public Choice, 125, pp.1~15 (2005)
- The economic determinants of U.S. presidential approval: A survey, "Berlemann, M.", CESifo, ~, pp.Working paper 3761 (2012)
- Berlemann, M, "Unraveling the relationship between presidential approval and the economy: A multi-dimensional semi-parametric approach", Journal of Applied Eco
- Bowles, S., "Endogenous preferences : The cultural consequences of markets and other economic institutions", Journal of Economic Literature, 36, pp.75~111 (1998)
- Chappell, H.W., "A new view of political accountability for economic performance", American Political Science Review, 77, pp.10~27
- DeLong, J.B, "America's peacetime inflation: The 1970s" (1997), Reducing inflation
- Dennis, R., "How important is precommitment for monetary policy?", Journal of Money, Credit & Banking, 38, pp.847~872 (2006)
- Di Tella, R., "Preferences over inflation and unemployment : Evidence from surveys of happiness", American Economic Review, 91(1), pp.335~341 (2001)
- Dotsey, M., "Was the disinflation of the early 1980s anticipated?", Federal Reserve Bank of Richmond Economic Quarterly, 81, pp.41~59 (1995)
- Fording, R. C., "Democratic performance in western democracies" (2007)
- Frey, B. S., "An empirical study of politico-economic interaction in the United States", Review of Economic Studies, 60, pp.178~183 (1978)
- Huber, J., "Congruence between citizens and policymakers", World Politics, 10, pp.291~326 (1994)
- McDonald, M., "What are elections for?. Conferring the Median Mandate", British Journal of Political Science, 34, pp.1~26 (2004)
- Mueller, J. E., "Presidential popularity from Truman to Johnson", American Political Science Review, 64, pp.18~34 (1970)
- Powell, G, "Elections as Instruments of Democracy: Majoritarian and Proportional Visions" (2000), Yale University Press
- Powell, G. B., "Election laws, disproportionality and median correspondence : Implications for two visions of democracy", British Journal of Political Science, 30, pp.239~274 (2001)
- Rogoff, K., "The optimal degree of commitment to an intermediate monetary target", Quarterly Journal of Economics, 100, pp.1169~1190 (1985)
- Smyth, D. J., "Structural change in the United States' social preference function, 1953-88", Applied Economics, 23, pp.763~768 (1991)
- Tillmann, P., "The conservative central banker revisited : Too conservative is more costly than too liberal", European Journal of Political Economy, 24, pp.737~741 (2008)
이 간행물의 다른 논문 (3건)
Inflation targeting and the uncertainty level in developing countriesOsama D. Sweidan, Benjamin Widner Jr.pp. 137-170The Chinese IPO examination mechanism affected by administrative factors: New evidence from rejected IPO firmsHai Long, Zhaoyong Zhangpp. 171-195Artificial neural networks and aggregate consumption patterns in New ZealandDaniel Farhatpp. 197-224
