Includes bibliographical references (p. 20-25).
|Statement||Ansgar Belke and Niklas Potrafke.|
|Series||Ruhr economic papers -- #94|
|LC Classifications||HG925 .B453 2009|
|The Physical Object|
|Pagination||37 p. :|
|Number of Pages||37|
|LC Control Number||2009466837|
Belke and Potrafke () argue that government ideological inclination is a factor in central banks' monetary policy decisions as they found this is the case in the OECD countries: central banks. This paper examines whether government ideology has influenced monetary policy in OECD countries. We use quarterly data in the period and exclude EMU countries. Our Taylor-rule specification focuses on the interactions of a new time-variant index of central bank independence with government ideology. The results show that leftist. Downloadable! We examine the extent to which government ideology has influenced monetary policy in OECD countries since the s. In line with important changes in the global econ-omy and differences across countries, regression results yield heterogeneous infer-ences depending on the time period and the exchange rate regime/central bank de-pendence of the countries in the by: 3. Downloadable! We examine the extent to which government ideology has influenced monetary policy in OECD countries since the s. In line with important changes in the global economy and differences across countries, regression results yield heterogeneous inferences depending on the time period and the exchange rate regime/central bank dependence of the countries in the by: 3.
Table C1 The impact of government ideology on monetary policy without selected countries Backward- looking I No ISL No GRC No PRT No ESP Ideology − − − − During World War I, for instance, monetary policy was geared toward enabling sales of government securities. From World War II through , the major aim of monetary policy was to maintain stable prices for government securities. Preserving the system of private enterprise has also remained an important monetary policy goal for the United States. Monetary policy consists of the actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of . Monetary policy is the policy adopted by the monetary authority of a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.. Unlike fiscal policy, which relies on taxation, government spending, and government borrowing, as tools for a.
As for the effect of ideology on public policy via the electoral route, i.e. via putting a government with a certain proclaimed ideology into office, this result is an important hint insofar as Author: Christian Bjørnskov. An economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach. Economic ideologies express perspectives on the way an economy should run and to what end, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions. However, the two are closely interrelated, as. Does cabinet ideology matter for the structure of tax policies? and monetary and fiscal policy. The book presents both a thorough overview of the theoretical literature and a vast amount of. Indeed, if we can leave out why a % reserve requirement would be problematic, the reality is that a monetary authority need not have much gold (or Author: John Tamny.