A Political Agency Theory of Central Bank Independence /

We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks to an independent agency. We apply this theory to monetary policy by extending a standard dynamic "New-Keynesian" stochastic general equilibrium model. This model gives a...

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Dettagli Bibliografici
Autore principale: Eggertsson, Gauti
Altri autori: Le Borgne, Eric
Natura: Periodico
Lingua:English
Pubblicazione: Washington, D.C. : International Monetary Fund, 2003.
Serie:IMF Working Papers; Working Paper ; No. 2003/144
Accesso online:Full text available on IMF