Changing the Institutional Design of Central Banks

25 Pages Posted: 7 Sep 1999

See all articles by Sebastian Schich

Sebastian Schich

Organisation for Economic Co-operation and Development (OECD)

Franz Seitz

Technical University of Applied Sciences Weiden

Date Written: April 1999

Abstract

The paper analyzes the institutional changes that have taken place during the 1990s at the central banks of major OECD countries. They have generally resulted in an increased degree of independence, transparency and accountability as well as in mandates more narrowly focused on the achieving and maintaining of price stability. It is argued that recent theoretical and empirical research on the institutional aspects of monetary policy are useful in interpreting these changes. The implications for the design of the European Central Bank are discussed against the background of this research and the experiences with the recent changes at national central banks.

JEL Classification: E5

Suggested Citation

Schich, Sebastian and Seitz, Franz, Changing the Institutional Design of Central Banks (April 1999). Available at SSRN: https://ssrn.com/abstract=173192 or http://dx.doi.org/10.2139/ssrn.173192

Sebastian Schich

Organisation for Economic Co-operation and Development (OECD) ( email )

2 rue Andre Pascal
Paris Cedex 16, MO 63108
France
+33 1 4524 1419 (Phone)
+33 1 4524 9050 (Fax)

Franz Seitz (Contact Author)

Technical University of Applied Sciences Weiden ( email )

Hetzenrichter Weg 15
D-92637 Weiden i.d. Opf
Germany
(49) 961-382-1318 (Fax)

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