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The Cost of Political Intervention in Monetary Policy

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Author Info
David Cobham
Athanasios Papadopoulos (Crete)
George Zis (Manchester Metropolitan)

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Abstract

Data from a unique monetary 'experiment' conducted in the UK during the period 1994-97 are used to investigate the cost of political intervention in monetary policy. The paper finds that the difference between government bond yields in Germany (but not the US) and the UK was systematically related to an index of the credibility of monetary policy constructed on the basis of the frequency of agreements / disagreements between the Minister of Finance who took the decisions on interest rates and the Bank of England, whose recommendations were published with a lag, with disagreements causing an increase in the yield differential.

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File URL: http://www.st-andrews.ac.uk/academic/economics/papers/dp0114.pdf
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Publisher Info
Paper provided by Department of Economics, University of St. Andrews in its series Discussion Paper Series, Department of Economics with number 0114.

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Date of creation: Dec 2001
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Handle: RePEc:san:wpecon:0114

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Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
Phone: 01334 462420
Fax: 01334 462444
Web page: http://www.st-andrews.ac.uk/economics/

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Related research
Keywords: monetary policy; time-inconsistency; credibility.;

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Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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This page was last updated on 2009-11-10.


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