Political Pressure on the X: An Empirical Investigation Using the Havrilesky Approach

Posted: 2 May 2001

See all articles by Philipp Maier

Philipp Maier

Economie

Jan-Egbert Sturm

KOF Swiss Economic Institute, ETH Zurich; CESifo (Center for Economic Studies and Ifo Institute)

Jakob de Haan

University of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute)

Abstract

This paper applies the method as developed by Havrilesky to examine whether a central bank responds to political pressure to the Bundesbank, which is widely believed to be one of the most independent central banks in the world. We construct an index for political pressure by counting the number of articles in three newspapers in which politicians or pressure groups argue in favor of a more or less restrictive monetary policy. We conclude that the Bundesbank did not respond to political pressure. However, its policies were in line with the wishes of the banking sector.

Keywords: Bundesbank, monetary policy, political pressure

JEL Classification: E58, E52

Suggested Citation

Maier, Philipp and Sturm, Jan-Egbert and de Haan, Jakob, Political Pressure on the X: An Empirical Investigation Using the Havrilesky Approach. Journal of Macroeconomics, Vol. 24, No. 1, Winter 2002. Available at SSRN: https://ssrn.com/abstract=265748

Philipp Maier (Contact Author)

Economie ( email )

P.O. Box 800
9700 AV Groningen
Netherlands
+31 0 50 3637337 (Fax)

Jan-Egbert Sturm

KOF Swiss Economic Institute, ETH Zurich ( email )

Zurich
Switzerland

HOME PAGE: http://www.kof.ethz.ch

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, 81679
Germany

HOME PAGE: http://www.cesifo.de

Jakob de Haan

University of Groningen - Faculty of Economics and Business ( email )

PO Box 800
Groningen, 9700 AV
Netherlands
+31 0 50 3633706 (Fax)

De Nederlandsche Bank ( email )

P.O. Box 98
Amsterdam, 1000 AB
Netherlands

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

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