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What Bird Is That? Central Banking And Monetary Policy In The Last Forty Years

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  • D. Masciandaro

Abstract

The aim of this paper is to review the historical development of monetary policy theory since the 1980s using as focal point the nexus among central bank governance, central banker preferences and monetary policy effectiveness. Assuming a positive perspective the review highlights three subsequent but overlapping stages: modern economics, advanced political economy and behavioural economics. First, the central bank emerged as an independent institution. Second, conservative central bankers were viewed as bureaucrats who used committees to make monetary policy decisions, where the differentiation between hawks and doves gained momentum. Third, more recent research focused on the fact that psychology can matter for explaining how central bankers reach their decisions. The traditional distinction has been enriched with pigeons and swingers.

Suggested Citation

  • D. Masciandaro, 2019. "What Bird Is That? Central Banking And Monetary Policy In The Last Forty Years," BAFFI CAREFIN Working Papers 19127, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  • Handle: RePEc:baf:cbafwp:cbafwp19127
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    2. Donato Masciandaro, 2021. "Central Bank Governance in Monetary Policy Economics (1981-2020)," BAFFI CAREFIN Working Papers 21153, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    3. Donato Masciandaro & Davide Romelli, 2019. "Behavioral Monetary Policymaking: Economics, Political Economy and Psychology," World Scientific Book Chapters, in: Behavioral Finance The Coming of Age, chapter 9, pages 285-329, World Scientific Publishing Co. Pte. Ltd..
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    More about this item

    Keywords

    Monetary Policy; Central Banking; Political Economics; Behavioral Economics; Central Bank Independence; Conservatism; Monetary Policy Committee; Hawks and Doves;
    All these keywords.

    JEL classification:

    • E03 - Macroeconomics and Monetary Economics - - General - - - Behavioral Macroeconomics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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