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...

Ausführliche Beschreibung

Bibliographische Detailangaben
1. Verfasser: Eggertsson, Gauti
Weitere Verfasser: Le Borgne, Eric
Format: Zeitschrift
Sprache:English
Veröffentlicht: Washington, D.C. : International Monetary Fund, 2003.
Schriftenreihe:IMF Working Papers; Working Paper ; No. 2003/144
Online Zugang:Full text available on IMF