Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/29892 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Ruhr Economic Papers No. 94
Verlag: 
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Essen
Zusammenfassung: 
This paper examines the effect of government ideology on monetary policy in a quarterly data set of 15 OECD countries in the period 1980.1-2005.4. Our Taylor-rule specification focuses on the interactions of a new time-variant indicator for central bank independence and government ideology. The results suggest that leftist governments did not decrease short term nominal interest rates at all. In contrast, short term nominal interest rates were higher under leftist governments. A potential reason for this finding might be that leftist governments have sought to make a market-oriented policy shift by delegating monetary policy to conservative central bankers.
Schlagwörter: 
Monetary policy
Taylor rule
government ideology
partisan politics
central bank independence
panel data
JEL: 
E52
E58
D72
C23
ISBN: 
978-3-86788-105-0
Dokumentart: 
Working Paper

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