ON THE ASSESSMENT AND IMPLEMENTATION OF 'INSTITUTIONAL' REMEDIES

James Forder

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

The most common approach to testing for the benefits of central-bank independence is argued to be methodologically flawed for the reason that the measure of independence does not permit a test the hypothesis which suggests that these benefits exist. Particular doubt is cast on the merits of proposals to legislate to create independence. The argument is elucidated by comparison with the testing of a hypothesis about the benefits of centralized and decentralized unions.

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References

1991Institutions, Institutional Change and Economic Performance 1975The Political Business Cycle 1988Bargaining Structure, Corporatism and Macroeconomic Performance 1991Political and Monetary Institutions and Public Financial Policies in the Industrial Countries 1979Political Control of the Economy.1990WAGE DETERMINATION: THE CHANGING ROLE OF INSTITUTIONS IN ADVANCED INDUSTRIALIZED COUNTRIES 1996One Market, One Money?1987Secrets of the temple

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2016Governing for the Future: Designing Democratic Institutions for a Better Tomorrow 2000The Politics of the Euro-Zone 2002Reconsidering central bank independence 2021Political Pressure on Central Banks 2013Social trust and central-bank independence 1997The European Central Bank: Independence, accountability and strategy: A review 1998

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