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Die Geldpolitik der EZB: Spielt die Nationalität der Notenbanker (k)eine Rolle?

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  • Mause Karsten

    (Institut für Politikwissenschaft, Westfälische Wilhelms-Universität MünsterMünsterGermany)

  • Panreck Sebastian

    (Institut für Christliche Sozialwissenschaften, Westfälische Wilhelms-Universität MünsterMünsterGermany)

Abstract

Sometimes the suspicion is expressed that ECB Council members, who are committed to political independence, in some cases have voted in such a way that their respective home countries in particular benefitted from the monetary policy decision. This paper is the first to investigate this home-bias allegation using a larger database. The 2015 “Public Sector Purchase Program” (PSPP) serves as a case study. The analysis shows that ECB Council members from highly (lowly) indebted Euro countries tended to be in favor of (against) this government bond purchase program. Though the latter indeed is particularly useful for highly indebted countries, as it reduces the fiscal pressure on them, the paper discusses whether its findings can really be interpreted as empirical evidence for a ‘home bias’.

Suggested Citation

  • Mause Karsten & Panreck Sebastian, 2020. "Die Geldpolitik der EZB: Spielt die Nationalität der Notenbanker (k)eine Rolle?," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 71(1), pages 149-179, April.
    • Handle: RePEc:bpj:ordojb:v:71:y:2020:i:1:p:149-179:n:30
    DOI: 10.1515/ordo-2021-0005
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    More about this item

    Keywords

    Monetary Policy; European Central Bank; Government Bonds; PSPP; Geldpolitik; Europäische Zentralbank; Staatsanleihen; PSPP; Monetary Policy; European Central Bank; Government Bonds; PSPP;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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