Central Bank Governance in Monetary Policy Economics (1981-2020)
48 Pages Posted: 20 Jan 2021
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: Suggested Citation