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Appointing the median voter of a policy board

Author

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  • Christopher J. Waller

Abstract

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.

Suggested Citation

  • Christopher J. Waller, 1998. "Appointing the median voter of a policy board," Working Paper 9802, Federal Reserve Bank of Cleveland.
  • Handle: RePEc:fip:fedcwp:9802
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    References listed on IDEAS

    as
    1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
    2. 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.
    3. 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.
    4. 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.
    5. Alesina, Alberto & Rosenthal, Howard, 1996. "A Theory of Divided Government," Econometrica, Econometric Society, vol. 64(6), pages 1311-1341, November.
    6. 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.).
    7. 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.
    8. 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.
    9. 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.
    10. Lars E.O. Svensson, 1995. "The Swedish Experience of an Inflation Target," NBER Working Papers 4985, National Bureau of Economic Research, Inc.
    11. 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.
    12. repec:hrv:faseco:34222831 is not listed on IDEAS
    13. 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 1139-1153, December.
    14. 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.
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    Citations

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    Cited by:

    1. 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.
    2. Blomberg, S. Brock & Hess, Gregory D., 2003. "Is the political business cycle for real?," Journal of Public Economics, Elsevier, vol. 87(5-6), pages 1091-1121, May.
    3. Lindner, Axel, 2000. "Long-term appointment of central bankers: costs and benefits," European Journal of Political Economy, Elsevier, vol. 16(4), pages 639-654, November.

    More about this item

    Keywords

    Business cycles ; Economic policy;

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