Median Voter Preferences, Central Bank Independence and Conservatis
This paper studies how the independence and conservatism of a central bankrelate to the structure and stability of median voter preferences. This is done by means of a model of endogenous delegation in which an opportunistic policy-maker chooses the monetary regime (independence and conservatism) to maximise the welfare of median voter.
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|Date of creation:||1999|
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- Pietro Reichlin & Paolo Siconolfi, 1998.
"Adverse Selection of Investment Projects and the Business Cycle,"
Temi di discussione (Economic working papers)
326, Bank of Italy, Economic Research and International Relations Area.
- Reichlin, Pietro & Siconolfi, Paolo, 1997. "Adverse Selection of Investment Projects and the Business Cycle," CEPR Discussion Papers 1631, C.E.P.R. Discussion Papers.
- Reichlin, P. & Siconolfi, P., 1998. "Adverse Selection of Investment Projects and the Business Cycle," Papers 326, Banca Italia - Servizio di Studi.
- Robert J. Shiller, 1996.
"Why Do People Dislike Inflation?,"
NBER Working Papers
5539, National Bureau of Economic Research, Inc.
- Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May.
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