Political and Economic Determinants of Interest Rate Behavior: Are Central Banks Different?
AbstractPolitical influences on short-term interest rates in seventeen OECD countries from 1960 to 1990 are measured. After controlling for unexpected changes in inflation and unemployment, as well as changes in the world interest rate, short-term interest rates in most countries do not respond to political events, neither the timing of elections nor changes in the governing party. Thus, on this criterion, the central banks in this sample do not reveal large differences in their degree of independence from political influence. The small differences are not closely related to rankings of central bank independence based on quantification of central bank laws. Copyright 1996 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 34 (1996)
Issue (Month): 4 (October)
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- Siklos, Pierre L. & Bohl, Martin T., 2005.
"The Bundesbank's Communications Strategy and Policy Conflicts with the Federal Government,"
Working Paper Series
2005,8, European University Viadrina Frankfurt (Oder), The Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe.
- Pierre L. Siklos & Martin T. Bohl, 2005. "The Bundesbank's Communications Strategy and Policy Conflicts with the Federal Government," Southern Economic Journal, Southern Economic Association, vol. 72(2), pages 395â409, October.
- Pierre L. Siklos, 1999. "Inflation-target design: changing inflation performance and persistence in industrial countries," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 46-58.
- Bohl, Martin T. & Gottschalk, Katrin, 2006. "International evidence on the Democrat premium and the presidential cycle effect," The North American Journal of Economics and Finance, Elsevier, vol. 17(2), pages 107-120, August.
- Siklos, Pierre L., 2008. "No single definition of central bank independence is right for all countries," European Journal of Political Economy, Elsevier, vol. 24(4), pages 802-816, December.
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