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Monetary Policy Design: Institutional Developments from a Contractual Perspective

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  • Walsh, Carl E

Abstract

Twenty years ago, most industrialized economies were just starting the costly process of disinflation. There was little consensus that these disinflations would be successful, or that low inflation once achieved could be maintained. While the USA achieved low inflation without changing its policy-making institutions, many other countries did reform their central banking institutions, making them more independent of political influences. In this paper, I address three questions. First, is independence enough? Second, how do the details of an institution's structure translate, through their impact on incentives, into different policy outcomes? And third, can institutions serve as commitment mechanisms? Copyright 2000 by Blackwell Publishers Ltd.

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  • Walsh, Carl E, 2000. "Monetary Policy Design: Institutional Developments from a Contractual Perspective," International Finance, Wiley Blackwell, vol. 3(3), pages 375-389, November.
  • Handle: RePEc:bla:intfin:v:3:y:2000:i:3:p:375-89
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    Cited by:

    1. Carl E. Walsh, 2002. "When should central bankers be fired?," Economics of Governance, Springer, vol. 3(1), pages 1-21, March.
    2. Franck, Raphaƫl & Krausz, Miriam, 2008. "Why separate monetary policy from banking supervision?," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 388-411, September.

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