Political business cycles and central bank independence

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Political business cycles and central bank independence

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dc.contributor.author Maloney, John en_GB
dc.contributor.author Pickering, Andrew C. en_GB
dc.contributor.author Hadri, Kaddour en_GB
dc.contributor.department University of Exeter; University of Bristol; University of Liverpool en_GB
dc.date.accessioned 2008-07-14T15:55:51Z en_GB
dc.date.accessioned 2011-01-25T10:25:26Z en_US
dc.date.accessioned 2013-03-19T15:52:34Z
dc.date.issued 2003 en_GB
dc.description.abstract This paper develops a dynamic model of Rational Partisan Business Cycles in which wage contracts overlap elections and wage setters have to make a prediction about the election result. Empirical analysis of 20 OECD countries supports the theoretical implication that left wing incumbents increase output, but increased expectation of a left wing regime reduces it. The model is extended to incorporate the effects of alternative measures of Central Bank Independence (CBI). The measure of objective independence outperforms the other measures and it is found that CBI reduces politically induced business cycles. en_GB
dc.identifier.citation Economic Journal, Jan 2003 113(486) p.C167-181 en_GB
dc.identifier.doi 10.1111/1468-0297.00115 en_GB
dc.identifier.uri http://hdl.handle.net/10036/31936 en_GB
dc.language.iso en en_GB
dc.publisher Cambridge University Press en_GB
dc.relation.url http://www.interscience.wiley.com. en_GB
dc.subject central banks en_GB
dc.subject independence en_GB
dc.subject elections en_GB
dc.subject business cycles en_GB
dc.title Political business cycles and central bank independence en_GB
dc.type Article en_GB
dc.date.available 2008-07-14T15:55:51Z en_GB
dc.date.available 2011-01-25T10:25:26Z en_US
dc.date.available 2013-03-19T15:52:34Z
dc.identifier.issn 00130133 en_GB
dc.identifier.issn 14680297 en_GB
dc.description Pre-print of article available on http://www.interscience.wiley.com en_GB
dc.identifier.journal The Economic Journal en_GB


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