کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10477492 930364 2012 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Does government ideology matter in monetary policy? A panel data analysis for OECD countries
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Does government ideology matter in monetary policy? A panel data analysis for OECD countries
چکیده انگلیسی
This paper examines whether government ideology has influenced monetary policy in OECD countries. We use quarterly data in the 1980.1-2005.4 period and exclude EMU countries. Our Taylor-rule specification focuses on the interactions of a new time-variant index of central bank independence with government ideology. The results show that leftist governments have somewhat lower short-term nominal interest rates than rightwing governments when central bank independence is low. In contrast, short-term nominal interest rates are higher under leftist governments when central bank independence is high. The effect is more pronounced when exchange rates are flexible. Our findings are compatible with the view that leftist governments, in an attempt to deflect blame of their traditional constituencies, have pushed market-oriented policies by delegating monetary policy to conservative central bankers.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 31, Issue 5, September 2012, Pages 1126-1139
نویسندگان
, ,