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|
|Date of revision:|
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4985, National Bureau of Economic Research, Inc.
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- 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.
- 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.
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