Central Bank Structure and monetary policy uncertainty

José I. García de Paso ()
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José I. García de Paso: Universidad Complutense de Madrid.

No 9314, Documentos de Trabajo del ICAE from Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico

Abstract: Recent research has shown that partisanship causes monetary policy uncertainty. Since monetary policy is implemented by central banks, this paper models alternative central banks structure to analyze their effects on policy uncertainty in a two-party political system. The major result of the paper is that the length of govemors' terms plays a more important role than the number of govemors on the board. Moreover, it is shown that both postelectoral appointments and the membership of administration officials on the central bank board raise monetary policy uncertainty. The paper' results are illustrated by analyzing alternative structures of the Federal Reserve Board of Govemors

Keywords: Central Bank; Monetary Policy.; Banco Central; Política monetaria. (search for similar items in EconPapers)
Pages: 26 pages
Date: 1993
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