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Monetary Policy, Delegation and Polarization

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Author Info
Christian Schultz (Institute of Economics, University of Copenhagen)

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Abstract

This paper studies the relation between political polarization and delegation of stabilization policy. There is asymmetric information about how the economy works: unlike voters, two political parties know the variance of an employment shock. Prior to an election each party proposes a central banker to be chosen if the party wins. If political polarization is small, voters will learn the true variance and the central banker and the stabilization policy are the ones most preferred by the median voter. If the political polarization is high, stabilization policy does not reflect the variance but only the preferences of the winning party.

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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 98-17.

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Length: 29 pages
Date of creation: Dec 1998
Date of revision:
Publication status: Published in: Economic Journal 109(455) 1999, 164-178
Handle: RePEc:kud:kuiedp:9817

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Related research
Keywords: business cycles; polarization; monetary policy;

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Find related papers by JEL classification:
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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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  1. Gianmaria Martini & Cinzia Rovesti, 2004. "Antitrust policy and price collusion. Public agencies vs delegation," Recherches économiques de Louvain, De Boeck Université, vol. 70(2), pages 127-151. [Downloadable!]
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  2. Wolfgang Eggert & Martin Kolmar, . "Information Sharing, Multiple Nash Equilibria, and Asymmetric Capital-Tax Competition," EPRU Working Paper Series 02-01, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  3. Wolfgang Eggert & Laszlo Goerke, . "Fiscal Policy, Economic Integration and Unemployment," EPRU Working Paper Series 02-05, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
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  4. Debora Di Gioacchino & Sergio Ginebri & Laura Sabani, 2004. "Political support for anti-inflationary monetary policy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(2), pages 187-200. [Downloadable!]
  5. Wolfgang Eggert & Martin Kolmar, . "Contests with Size Effects," EPRU Working Paper Series 02-04, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
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  6. Paul Heidhues & Johan Lagerlöf, 2000. "Hiding Information in Electoral Competition," CIG Working Papers FS IV 00-06, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG), revised Feb 2002. [Downloadable!]
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  7. repec:dgr:uvatin:20040035 is not listed on IDEAS
  8. Frank Bohn, 2002. "Eliminating the Inflationary Finance Trap in a Politically Unstable Country: Domestic Politics versus International Pressure," Economics Discussion Papers 551, University of Essex, Department of Economics. [Downloadable!]
  9. Frank Bohn, 2002. "Public Finance under Political Instability and Debt Conditionality," Economics Discussion Papers 540, University of Essex, Department of Economics. [Downloadable!]
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  10. Silvia Dominguez-Martinez & Otto Swank, 2006. "Polarization, Information Collection and Electoral Control," Social Choice and Welfare, Springer, vol. 26(3), pages 527-545, June. [Downloadable!] (restricted)
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