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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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Web page: http://www.dnb.nl/en/
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Related research

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

Other versions of this item:

Find related papers by JEL classification:

• E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
• E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
• D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation

This paper has been announced in the following NEP Reports:

• NEP-ALL-2003-08-17 (All new papers)
• NEP-CBA-2003-08-17 (Central Banking)
• NEP-EEC-2003-08-17 (European Economics)
• NEP-MON-2003-08-17 (Monetary Economics)

References

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1. 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.
2. 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.
   
   • Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2001. " Central Bank Independence: An Update of Theory and Evidence," Journal of Economic Surveys, Wiley Blackwell, vol. 15(1), pages 3-40, February.
   • Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2000. "Central Bank Independence: An Update of Theory and Evidence," CEPR Discussion Papers 2353, C.E.P.R. Discussion Papers.
3. 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, vol. 17(2), pages 164-78, May.
4. Froyen, Richard T. & Havrilesky, Thomas & Waud, Roger N., 1997. "The Asymmetric Effects of Political Pressures on U.S. Monetary Policy," Journal of Macroeconomics, Elsevier, vol. 19(3), pages 471-493, July.
5. Waller, Christopher J, 1991. "Bashing and Coercion in Monetary Policy," Economic Inquiry, Western Economic Association International, vol. 29(1), pages 1-13, January.
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, vol. 24(1), pages 103-123, March.
7. Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May.
8. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
9. Ahking, Francis W. & Miller, Stephen M., 1985. "The relationship between government deficits, money growthm and inflation," Journal of Macroeconomics, Elsevier, vol. 7(4), pages 447-467.
10. Jakob de Haan, 1997. "The European Central Bank: Independence, accountability and strategy: A review," Public Choice, Springer, vol. 93(3), pages 395-426, December.
    
    • de Haan, Jakob, 1997. " The European Central Bank: Independence, Accountability and Strategy: A Review," Public Choice, Springer, vol. 93(3-4), pages 395-426, December.
11. 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.
12. Hsiao, Cheng, 1981. "Autoregressive modelling and money-income causality detection," Journal of Monetary Economics, Elsevier, vol. 7(1), pages 85-106.

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Cited by:

1. Philipp Maier & Maarten Hendrikx, 2002. "Implications of EMU Enlargement for European Monetary Policy: A Political Economy View," MEB Series (discontinued) 2002-4, Netherlands Central Bank, Monetary and Economic Policy Department.
   
   • Philipp Maier & Maarten Hendrikx, 2002. "Implications of EMU enlargement for European monetary policy: A political economy view," Macroeconomics 0207007, EconWPA.
2. 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.

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