Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/101312
Authors: 
Basham, James
Roland, Aanor
Year of Publication: 
2014
Series/Report no.: 
Working Paper, Institute for International Political Economy Berlin 38/2014
Abstract: 
The European sovereign debt crisis represents an interesting opportunity to investigate the reaction of the European Central Bank as a crisis fighting institution and the importance of central bank personalities in policy execution. Accordingly, this paper aims at investigating to what extent the policy-making of the ECB during the crisis has been influenced by Trichet's and Draghi's different personalities. Based on Friedman's hypothesis that "accidents of personality" have a great impact on the functioning of a rulebased institution, we find that the clear differences in policy-making between Trichet and Draghi can be explained by specific features of their respective personalities. Institutions matter, but so do personalities.
Subjects: 
European Central Bank
Central Bankers
Personality Theory
European Sovereign Debt Crisis
Monetary Policy
JEL: 
E5
E6
Document Type: 
Working Paper

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