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Appointing the median voter of a policy board

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  • Christopher J. Waller

Abstract

A description of a model which demonstrates that delegating monetary policy to an independent policy board with discretionary powers substantially reduces policy uncertainty while maintaining political accountability.

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File URL: http://www.clevelandfed.org/research/workpaper/1998/wp9802.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 9802.

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Date of creation: 1998
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Handle: RePEc:fip:fedcwp:9802

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Keywords: Business cycles ; Economic policy;

References

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  1. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 252, David K. Levine.
  2. Cukierman, Alex & Meltzer, Allan H, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, Econometric Society, Econometric Society, vol. 54(5), pages 1099-1128, September.
  3. Faust, Jon, 1996. "Whom can we trust to run the Fed? Theoretical support for the founders' views," Journal of Monetary Economics, Elsevier, Elsevier, vol. 37(2-3), pages 267-283, April.
  4. Snyder, Susan K & Weingast, Barry R, 2000. "The American System of Shared Powers: The President, Congress, and the NLRB," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 16(2), pages 269-305, October.
  5. Svensson, Lars E O, 1995. "The Swedish Experience of an Inflation Target," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1103, C.E.P.R. Discussion Papers.
  6. Lohmann, Susanne, 1997. "Partisan control of the money supply and decentralized appointment powers," European Journal of Political Economy, Elsevier, vol. 13(2), pages 225-246, May.
  7. Alesina, Alberto, 1987. "Macroeconomic Policy in a Two-Party System as a Repeated Game," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 102(3), pages 651-78, August.
  8. Tabellini, Guido, 1987. "Reputational constraints on monetary policy a comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 26(1), pages 183-190, January.
  9. Waller, Christopher J., 1992. "A bargaining model of partisan appointments to the central bank," Journal of Monetary Economics, Elsevier, Elsevier, vol. 29(3), pages 411-428, June.
  10. Alesina, Alberto & Rosenthal, Howard, 1996. "A Theory of Divided Government," Econometrica, Econometric Society, Econometric Society, vol. 64(6), pages 1311-41, November.
  11. Jon Faust, 1992. "Whom can we trust to run the Fed? Theoretical support for the founders' views," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 429, Board of Governors of the Federal Reserve System (U.S.).
  12. Cothren, Richard, 1988. "Equilibrium Inflation as Determined by a Policy Committee," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 103(2), pages 429-34, May.
  13. Waller, Christopher J & Walsh, Carl E, 1996. "Central-Bank Independence, Economic Behavior, and Optimal Term Lengths," American Economic Review, American Economic Association, American Economic Association, vol. 86(5), pages 1139-53, December.
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Cited by:
  1. Lindner, Axel, 2000. "Long-term appointment of central bankers: costs and benefits," European Journal of Political Economy, Elsevier, vol. 16(4), pages 639-654, November.
  2. Lohmann, Susanne, 1997. "Partisan control of the money supply and decentralized appointment powers," European Journal of Political Economy, Elsevier, vol. 13(2), pages 225-246, May.
  3. S. Brock Blomberg & Gregory D. Hess, 2000. "Is the political business cycle for real?," Working Paper 0016, Federal Reserve Bank of Cleveland.

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