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Fiscal Policymaking and the Central Bank Institutional Constraint

  • Burdekin, Richard C K
  • Laney, Leroy O

In recent years, a developing literature has concentrated on issues such as the influence of central bank independence on the conduct of monetary policy, and the connected issue as to whether the central bank accommodates government fiscal policy. Much less has been done, however, to investigate the reverse interaction: the extent to which central bank independence influences the formation of fiscal policy. Using pooled cross-section data for twelve industrialized countries over the 1961-83 period, this paper finds some support for the hypothesis that the government budget deficits and inflation performance are indeed both affected by the independence of the centr al bank. Copyright 1988 by WWZ and Helbing & Lichtenhahn Verlag AG

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Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 41 (1988)
Issue (Month): 4 ()
Pages: 647-62

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Handle: RePEc:bla:kyklos:v:41:y:1988:i:4:p:647-62
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  1. Preston J. Miller, 1983. "Higher deficit policies lead to higher inflation," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win.
  2. Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?," American Economic Review, American Economic Association, vol. 75(1), pages 68-87, March.
  3. Robert J. Gordon, 1977. "World Inflation and Monetary Accommodation in Eight Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 8(2), pages 409-478.
  4. Bradley, Michael D & Potter, Susan M, 1986. "The State of the Federal Budget and the State of the Economy: Further Evidence," Economic Inquiry, Western Economic Association International, vol. 24(1), pages 143-53, January.
  5. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters, in: Inflation: Causes and Effects, pages 41-98 National Bureau of Economic Research, Inc.
  6. Barro, Robert J, 1979. "On the Determination of the Public Debt," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 940-71, October.
  7. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  8. McMillin, W Douglas, 1986. "Federal Deficits, Macrostabilization Goals, and Federal Reserve Behavior," Economic Inquiry, Western Economic Association International, vol. 24(2), pages 257-69, April.
  9. Richard C.K. Burdekin, 1986. "Fiscal pressure and central bank policy objectives," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue May, pages 1-9.
  10. 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.
  11. Barth, James & Sickles, Robin & Wiest, Philip, 1982. "Assessing the impact of varying economic conditions on federal reserve behavior," Journal of Macroeconomics, Elsevier, vol. 4(1), pages 47-70.
  12. Leroy Laney & Thomas Willett, 1983. "Presidential politics, budget deficits, and monetary policy in the United States; 1960–1976," Public Choice, Springer, vol. 40(1), pages 53-69, January.
  13. Alan S. Blinder, 1982. "Issues in the coordination of monetary and fiscal policies," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 3-46.
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