G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1960
DP1960 Migration, Migrants and Policy in the United Kingdom
Timothy Hatton; Stephen Wheatley Price
发表日期1998-11-30
出版年1998
语种英语
摘要Using the citizen-candidate model, we relate the monetary policy objective to individuals' voting decisions and characterize equilibrium inflation and employment under central bank dependence and independence. We also endogenize the decisions about the labour market distortion and central bank independence. Our results are consistent with the fact that across OECD countries, independence is negatively correlated with average inflation and inflation variability and uncorrelated with employment variability. Moreover, we can explain why: (i) in several countries, central banks became independent while labour market distortions remained; (ii) notwithstanding McCallum's (1995) critique, delegation of monetary policy is effective; (iii) some independent central banks do not generate an inflation bias yet stabilize.
主题International Macroeconomics
关键词Central bank board Central bank independence Median voter Partisan business cycle Representative democracy
URLhttps://cepr.org/publications/dp1960
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531140
推荐引用方式
GB/T 7714
Timothy Hatton,Stephen Wheatley Price. DP1960 Migration, Migrants and Policy in the United Kingdom. 1998.
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