The Effectiveness of Central Bank Independence vs. Policy Rules
نویسندگان
چکیده
منابع مشابه
The Effectiveness of Central Bank Independence vs. Policy Rules
This paper assesses the relative effectiveness of central bank independence vs. policy rules for the policy instruments in bringing about good economic performance. It examines historical changes in (1) macroeconomic performance, (2) the adherence to rulesbased monetary policy, and (3) the degree of central bank independence. Macroeconomic performance is defined in terms of both price stability...
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The new paradigm in monetary policymaking gives accent to central banks‘ Independence. It is widely accepted that in modern monetary policymaking, central banks have three key goals: price stability, output stability and financial stability. Recent studies on central bank independence mainly investigate the effects of central bank independence on economic stability. But the effectiveness of cen...
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for helpful comments on an earlier draft, without implicating any of them in the views expressed here. I would also like to thank Mauro Roca for research assistance and the National Science Foundation for research support through a grant to the NBER.
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New monetary literatures widely concentrates on the importance of institutional arrangements in the effectiveness of monetary policy. The debate regarding the optimal institutional design of central banks, independence and conservatism are usually considered to be the most important ingredients for a stable and successful monetary policy. Therefore, the purpose of this study is to deal with the...
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ژورنال
عنوان ژورنال: Business Economics
سال: 2013
ISSN: 0007-666X,1554-432X
DOI: 10.1057/be.2013.15