Political Business Cycles and Central Bank Independence
Bibliographic Data
| ID | 9715477 |
|---|---|
| Authors | John Maloney (0000-0003-3249-8926, University of Exeter University of Bristol University of Liverpool), Andrew Pickering (0000-0003-1545-2192, University of Bristol), Andrew C Pickering (University of Exeter University of Bristol University of Liverpool), Kaddour Hadri (University of Exeter University of Bristol University of Liverpool) |
| Year | 2003 |
| Volume | 113 |
| Issue | 486 |
| Pages | C167-C181 |
| Publication date | 2003-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00115 |
| OpenAlex | W1993956121 |
| Language | EN |
| Citations received | 1 |
| References cited | 18 |
This paper develops a dynamic model of Rational Partisan Business Cycles in which wage contracts overlap elections and wage setters have to make a prediction about the election result. Empirical analysis of 20 OECD countries supports the theoretical implication that left wing incumbents increase output, but increased expectation of a left wing regime reduces it. The model is extended to incorporate the effects of alternative measures of Central Bank Independence (CBI). The measure of objective independence outperforms the other measures and it is found that CBI reduces politically induced business cycles
Business cycle · Central bank · Econometrics · Economics · Independence (probability theory · Macroeconomics · Market economy · Monetary economics · Monetary policy · Political science · Politics · Wage · Fiscal Policies and Political Economy · Fiscal Policy and Economic Growth · Mathematics · Monetary Policy and Economic Impact
Political Cycles and the Macroeconomy
Economics of Worldwide Stagflation
Postwar U.S. Business Cycles
Elections and Macroeconomic Policy Cycles
Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation
Political Cycles in OECD Economies
Central Bank Independence and Macroeconomic Performance
The Optimal Degree of Commitment to an Intermediate Monetary Target
Macroeconomic Policy in a Two-Party System as a Repeated Game
The Political Business Cycle
Measuring central bank independence
Left–Right Political Scales
Expert Interpretations of Party Space and Party Locations in 42 Societies
Behind the Cube Rule
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,05 |
| Citation span | 2006 - 2006 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |