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Central bank bashing: The case of the European Central Bank

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  • Philipp Maier
  • Saskia Bezoen

Abstract

Central banks do not operate in a vacuum. In this paper we analyse the factors leading to external pressure or public support for European monetary policy. Moreover, based upon the findings for the Deutsche Bundesbank, some additional lessons are drawn for the ECB. External pressure on the ECB mainly stems from politicians or from international organisations (such as the IMF). In contrast with evidence for the Bundesbank, interest groups (such as commercial banks) hardly try to influence European monetary policy. German data show that factors leading to external pressure on the central bank are rising unemployment and the threat for governments to lose their majority in the next election. This latter source of pressure is, however, likely to be of minor importance for the ECB.

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Bibliographic Info

Paper provided by Netherlands Central Bank, Monetary and Economic Policy Department in its series MEB Series (discontinued) with number 2002-18.

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Date of creation: Sep 2002
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Handle: RePEc:dnb:mebser:2002-18

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Keywords: European Central Bank; Bundesbank; External Pressure; Public Support;

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  1. Bevger, H. & Haan, J. de & Eijffinger, S.C.W., 2000. "Central Bank Independence: An Update of Theory and Evidence," Open Access publications from Tilburg University urn:nbn:nl:ui:12-82768, Tilburg University.
  2. Berger, Helge & Woitek, Ulrich, 1997. "How opportunistic are partisan German central bankers: Evidence on the Vaubel hypothesis," European Journal of Political Economy, Elsevier, vol. 13(4), pages 807-821, December.
  3. Hsiao, Cheng, 1981. "Autoregressive modelling and money-income causality detection," Journal of Monetary Economics, Elsevier, Elsevier, vol. 7(1), pages 85-106.
  4. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  5. Piga, Gustavo, 2000. " Dependent and Accountable: Evidence from the Modern Theory of Central Banking," Journal of Economic Surveys, Wiley Blackwell, vol. 14(5), pages 563-95, December.
  6. Maier, Philipp & Sturm, Jan-Egbert & de Haan, Jakob, 2002. "Political pressure on the Bundesbank: an empirical investigation using the Havrilesky approach," Journal of Macroeconomics, Elsevier, Elsevier, vol. 24(1), pages 103-123, March.
  7. Jakob de Haan, 1997. "The European Central Bank: Independence, accountability and strategy: A review," Public Choice, Springer, Springer, vol. 93(3), pages 395-426, December.
  8. Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May.
  9. Waller, Christopher J, 1991. "Bashing and Coercion in Monetary Policy," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 29(1), pages 1-13, January.
  10. Froyen, Richard T. & Havrilesky, Thomas & Waud, Roger N., 1997. "The Asymmetric Effects of Political Pressures on U.S. Monetary Policy," Journal of Macroeconomics, Elsevier, Elsevier, vol. 19(3), pages 471-493, July.
  11. Thornton, Daniel L & Batten, Dallas S, 1985. "Lag-Length Selection and Tests of Granger Causality between Money and Income," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 17(2), pages 164-78, May.
  12. Ahking, Francis W. & Miller, Stephen M., 1985. "The relationship between government deficits, money growthm and inflation," Journal of Macroeconomics, Elsevier, Elsevier, vol. 7(4), pages 447-467.
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Cited by:
  1. Piotr Stanek, 2004. "How to assess proposals for enlargement reform of the European Central Bank," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 209-239.
  2. Philipp Maier & Maarten Hendrikx, 2002. "Implications of EMU enlargement for European monetary policy: A political economy view," Macroeconomics, EconWPA 0207007, EconWPA.

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