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dc.contributor.authorMueller, Tillen
dc.date.accessioned2009-01-20-
dc.date.accessioned2009-09-25T13:28:57Z-
dc.date.available2009-09-25T13:28:57Z-
dc.date.issued2008-
dc.identifier.isbn3938369906en
dc.identifier.urihttp://hdl.handle.net/10419/28086-
dc.description.abstractFrom a normative perspective, it is striking that the degree of central bank independence (CBI) varies considerably across countries. Taking a political economy perspective, this paper demonstrates how different degrees of CBI may be the result of strategic policy-making. While an independent central bank reduces the incumbent politician's chances to influence current monetary policy it also raises the costs of future policy changes for political successors. Hence, when deciding on the degree of CBI, incumbent politicians face a trade-off: current influence on monetary policy versus policy durability. This paper shows how various factors change this trade-off and hence the institutional choice. The model predicts that the level of CBI incumbent politicians choose will increase in politicians' ability to screen central bankers' preferences, in the degree of political polarization, and in the weight politicians place on future policy outcomes. In contrast, the likelihood for the implementation of an independent central bank decreases in the re-election prospects of incumbents and in the utility central bankers receive from holding office.en
dc.language.isoengen
dc.publisher|aFreie Universität Berlin, Fachbereich Wirtschaftswissenschaft |cBerlinen
dc.relation.ispartofseries|aDiskussionsbeiträge |x2008/19en
dc.subject.jelD78en
dc.subject.jelE42en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordCentral bank independenceen
dc.subject.keywordpolitical economyen
dc.subject.keywordsignalingen
dc.subject.stwZentralbankautonomieen
dc.subject.stwPublic Choiceen
dc.titlePolitical determinants of central bank independence-
dc.typeWorking Paperen
dc.identifier.ppn590802666en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:fubsbe:200819en

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