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Central bank independence is a key issue for political and monetary
authorities in many countries. In Institutions and Monetary Policy,
Eric Schaling looks at the impact of different central banks on
price stability and macroeconomic performance, and their optimal
degree of legislative independence.After introducing and surveying
the rules versus discretion debate in monetary policy, Eric
Schaling then investigates the relationship between domestic
monetary institutions and macroeconomic performance. The author
compares central bank independence in twelve industrial countries -
Australia, Belgium, Canada, France, Germany, Italy, Japan, the
Netherlands, the United Kingdom, the United States, Sweden and
Switzerland - and prepares an index of his results. The
relationship between central bank independence, inflation and
output growth is extensively discussed and a series of propositions
tested for the same set of countries over the period from 1972 to
1991. Normative issues are investigated in the later part of the
book including the optimal degree of central bank independence in
relation to, first, the inflation rate and, second, wage formation
in a totally unionized economy. Institutions and Monetary Policy
will be welcomed by scholars and policymakers concerned with the
increasingly important role of institutions in monetary policy and
the relation between degrees of central bank independence and
political and economic outcomes.
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