Appointing the median voter of a policy board
A description of a model which demonstrates that delegating monetary policy to an independent policy board with discretionary powers substantially reduces policy uncertainty while maintaining political accountability.
|Date of creation:||1998|
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- Jon Faust, 1992. "Whom can we trust to run the Fed? Theoretical support for the founders' views," International Finance Discussion Papers 429, Board of Governors of the Federal Reserve System (U.S.).
- Ariel Rubinstein, 2010.
"Perfect Equilibrium in a Bargaining Model,"
Levine's Working Paper Archive
252, David K. Levine.
- Alesina, Alberto & Rosenthal, Howard, 1996. "A Theory of Divided Government," Econometrica, Econometric Society, vol. 64(6), pages 1311-41, November.
- Snyder, Susan K & Weingast, Barry R, 2000. "The American System of Shared Powers: The President, Congress, and the NLRB," Journal of Law, Economics and Organization, Oxford University Press, vol. 16(2), pages 269-305, October.
- Richard Cothren, 1988. "Equilibrium Inflation as Determined by a Policy Committee," The Quarterly Journal of Economics, Oxford University Press, vol. 103(2), pages 429-434.
- Faust, Jon, 1996. "Whom can we trust to run the Fed? Theoretical support for the founders' views," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 267-283, April.
- Cukierman, Alex & Meltzer, Allan H, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, Econometric Society, vol. 54(5), pages 1099-1128, September.
- Waller, Christopher J., 1992. "A bargaining model of partisan appointments to the central bank," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 411-428, June.
- Alberto Alesina, 1987. "Macroeconomic Policy in a Two-Party System as a Repeated Game," The Quarterly Journal of Economics, Oxford University Press, vol. 102(3), pages 651-678.
- Waller, Christopher J & Walsh, Carl E, 1996. "Central-Bank Independence, Economic Behavior, and Optimal Term Lengths," American Economic Review, American Economic Association, vol. 86(5), pages 1139-53, December.
- Tabellini, Guido, 1987. "Reputational constraints on monetary policy a comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 26(1), pages 183-190, January.
- Svensson, Lars E O, 1995.
"The Swedish Experience of an Inflation Target,"
CEPR Discussion Papers
1103, C.E.P.R. Discussion Papers.
- Lohmann, Susanne, 1997. "Partisan control of the money supply and decentralized appointment powers," European Journal of Political Economy, Elsevier, vol. 13(2), pages 225-246, May.
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