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BEHAVIORAL MONETARY POLICYMAKING: ECONOMICS, POLITICAL ECONOMY AND PSYCHOLOGY

Donato Masciandaro () and Davide Romelli ()

No 19105, BAFFI CAREFIN Working Papers from BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy

Abstract: This chapter reviews the evolution of the theory of monetary policy design since the 1980s, highlighting the emerging role of central banker psychology. Three subsequent stages are evident. First, the central bank was considered as an independent institution (modern economics). Second, central bankers were assumed to be delegated bureaucrats (advanced political economy). Third, a link with psychology was established (behavioural economics).

Keywords: MONETARY POLICY; POLITICAL ECONOMICS; BEHAVIORAL ECONOMICS (search for similar items in EconPapers)
JEL-codes: E52 E58 E03 (search for similar items in EconPapers)
Pages: 42
Date: 2019
New Economics Papers: this item is included in nep-cba, nep-cbe, nep-his, nep-hpe, nep-mac, nep-mon and nep-pke
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Chapter: Behavioral Monetary Policymaking: Economics, Political Economy and Psychology (2019) Downloads
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