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Independence, Conservatism and Beyond: Central Bank Design and Central Banker Preferences in Monetary Policy Economics (1981-2019)

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  • Donato Masciandaro

Abstract

Using a political economy approach, this paper sheds light on how two factors – central bankers’ preferences and the central bank’s design – progressively assumed a crucial role in the evolution of monetary policy economics in the last four decades. The two factors jointly identify the importance of central bank governance in influencing monetary policy decisions through their interactions with the monetary policy rules, given certain assumptions about how macroeconomic systems work. Moreover, our understanding of the relevance of central bank governance has recently been enriched by applying the behavioural economics perspective.

Suggested Citation

  • Donato Masciandaro, 2020. "Independence, Conservatism and Beyond: Central Bank Design and Central Banker Preferences in Monetary Policy Economics (1981-2019)," BAFFI CAREFIN Working Papers 20136, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    • Handle: RePEc:baf:cbafwp:cbafwp20136
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    More about this item

    Keywords

    monetary policy; central bank independence; central banker conservatism; monetary policy committees; political economics; behavioural economics;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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