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Selected Issues Concerning Monetary Policy and Institutional Design for Central Banks; A Review of Theories

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  • Christian H. Beddies

Abstract

In the past decades, much work has been geared toward solving the problem of time inconsistency in monetary policy and analyzing the coordination problem between fiscal and monetary policy. This paper provides a review of the theoretical background to these theories, while also focusing on their inherent problems. It concludes that while the literature makes a strong case for central bank independence, more work should be done in the area of determining the desirable degree of independence with a view to the interplay between fiscal and monetary policy.

Suggested Citation

  • Christian H. Beddies, 2000. "Selected Issues Concerning Monetary Policy and Institutional Design for Central Banks; A Review of Theories," IMF Working Papers 00/140, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:00/140
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    Cited by:

    1. Arjeta Vokshi (Abazi), 2013. "A Monetary Conditions Index For Albania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(15), pages 1-18.
    2. Anita Angelovska - Bezhoska, 2018. "Central bank independence-the case of the National Bank of Republic of Macedonia," Working Papers 2018-01, National Bank of the Republic of Macedonia.
    3. Poomjai Nacaskul & Kritchaya Janjaroen & Suparit Suwanik, 2012. "Economic Rationales for Central Banking: Historical Evolution, Policy Space, Institutional Integrity, and Paradigm Challenges," Working Papers 2012-04, Monetary Policy Group, Bank of Thailand.

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