The benefits of central bank's political independence
This paper analyzes the relationship between a central banker and his partisan political principals. Incentive contracts for central bankers are not designed by social planners but by partisan political principals who obey to their own incentives.
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- Adam S. Posen, 1995. "Declarations Are Not Enough: Financial Sector Sources of Central Bank Independence," NBER Chapters, in: NBER Macroeconomics Annual 1995, Volume 10, pages 253-274 National Bureau of Economic Research, Inc.
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