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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| Natura: | Periodico |
| Lingua: | English |
| Pubblicazione: |
Washington, D.C. :
International Monetary Fund,
2003.
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| Serie: | IMF Working Papers; Working Paper ;
No. 2003/144 |
| Accesso online: | Full text available on IMF |