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Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Working Paper No. 38/2014
Verlag: 
Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE), Berlin
Zusammenfassung: 
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.
Schlagwörter: 
European Central Bank
Central Bankers
Personality Theory
European Sovereign Debt Crisis
Monetary Policy
JEL: 
E5
E6
Dokumentart: 
Working Paper

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