Central bank bashing: The case of the European Central Bank

This file is part of IDEAS, which uses RePEc data

Central bank bashing: The case of the European Central Bank

Author Info

Philipp Maier (De Nederlandsche Bank)
Saskia Bezoen (De Nederlandsche Bank)

Additional information is available for the following registered author(s):

Philipp Maier

Abstract

Central banks do not operate in a vacuum. In this paper we analyse the fac-tors leading to external pressure or public support for European monetary policy. Moreover, based upon the findings for the Deutsche Bundesbank, some additional les-sons are drawn for the ECB. External pressure on the ECB mainly stems from politi-cians or from international organisations (such as the IMF). In contrast with evidence for the Bundesbank, interest groups (such as commercial banks) hardly try to influ-ence 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.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 0209001.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation: 05 Sep 2002
Date of revision:
Handle: RePEc:wpa:wuwpma:0209001

Note: Type of Document -
Contact details of provider:
Web page: http://129.3.20.41

For technical questions regarding this item, or to correct its listing, contact: (EconWPA).

Related research
Keywords:

Other versions of this item:

Paper
- Philipp Maier & Saskia Bezoen, 2002. "Central bank bashing: The case of the European Central Bank," MEB Series (discontinued) 2002-18, Netherlands Central Bank, Monetary and Economic Policy Department. [Downloadable!]

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-2002-09-11 (All new papers)
NEP-CBA-2002-09-11 (Central Banking)
NEP-EEC-2002-09-11 (European Economics)
NEP-MON-2002-09-11 (Monetary Economics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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. [Downloadable!] (restricted)
Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May. [Downloadable!] (restricted)
Piga, Gustavo, 2000. " Dependent and Accountable: Evidence from the Modern Theory of Central Banking," Journal of Economic Surveys, Blackwell Publishing, vol. 14(5), pages 563-95, December. [Downloadable!] (restricted)
Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Blackwell Publishing, vol. 42(2), pages 169-90, April. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)
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. [Downloadable!] (restricted)
Jakob de Haan, 1997. "The European Central Bank: Independence, accountability and strategy: A review," Public Choice, Springer, vol. 93(3), pages 395-426, December. [Downloadable!] (restricted)
Other versions:
- 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. [Downloadable!] (restricted)
Waller, Christopher J, 1991. "Bashing and Coercion in Monetary Policy," Economic Inquiry, Oxford University Press, vol. 29(1), pages 1-13, January.
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. [Downloadable!] (restricted)
Berger, Helge & Haan, Jakob de & Eijffinger, Sylvester C.W, 2000. "Central Bank Independence: An Update of Theory and Evidence," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
Other versions:
- 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. [Downloadable!] (restricted)
- Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2001. " Central Bank Independence: An Update of Theory and Evidence," Journal of Economic Surveys, Blackwell Publishing, vol. 15(1), pages 3-40, February. [Downloadable!] (restricted)
Hsiao, Cheng, 1981. "Autoregressive modelling and money-income causality detection," Journal of Monetary Economics, Elsevier, vol. 7(1), pages 85-106. [Downloadable!] (restricted)

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Philipp Maier & Maarten Hendrikx, 2002. "Implications of EMU enlargement for European monetary policy: A political economy view," Macroeconomics 0207007, EconWPA. [Downloadable!]
Other versions:
- 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. [Downloadable!]

Statistics

Access and download statistics

Did you know? RePEc data is maintained by each archive holder on its own website. Nothing is held centrally.

This page was last updated on 2009-11-3.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.