Central Bank Governance in Monetary Policy Economics (1981-2020)

48 Pages Posted: 20 Jan 2021

See all articles by Donato Masciandaro

Donato Masciandaro

Bocconi University - Department of Economics

Date Written: January 2021


The aim of the paper is to shed light on how two factors – central bank’s design and central bankers’ preferences – progressively assumed a crucial role in the evolution of monetary policy economics in the last four decades. The two factors jointly identify the importance of central bank governance in influencing monetary policy decisions through their interactions with the monetary policy rules, given the assumptions about how macroeconomic systems work.

Keywords: monetary policy, central bank independence, central banker conservatism, monetary policy committees, political economics, behavioural economics

JEL Classification: E50, E52, E58

Suggested Citation

Masciandaro, Donato, Central Bank Governance in Monetary Policy Economics (1981-2020) (January 2021). BAFFI CAREFIN Centre Research Paper No. 2021-153, Available at SSRN: https://ssrn.com/abstract=3769388 or http://dx.doi.org/10.2139/ssrn.3769388

Donato Masciandaro (Contact Author)

Bocconi University - Department of Economics ( email )

Via Gobbi 5
Milan, 20136

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