Committees with supermajority voting yield commitment with flexibility
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(4), pages 1169-1189.
- Andrew Atkeson & Patrick J. Kehoe, 2001.
"The advantage of transparent instruments of monetary policy,"
Working Papers
614, Federal Reserve Bank of Minneapolis.
- Andrew Atkeson & Patrick J. Kehoe, 2001. "The Advantage of Transparent Instruments of Monetary Policy," NBER Working Papers 8681, National Bureau of Economic Research, Inc.
- Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-286, March.
- Barro, Robert J & Gordon, David B, 1983.
"A Positive Theory of Monetary Policy in a Natural Rate Model,"
Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
- Robert J. Barro & David B. Gordon, 1981. "A Positive Theory of Monetary Policy in a Natural-Rate Model," NBER Working Papers 0807, National Bureau of Economic Research, Inc.
- Barro, Robert J. & Gordon, David B., 1983.
"Rules, discretion and reputation in a model of monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
- Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
- Gans, Joshua S. & Smart, Michael, 1996. "Majority voting with single-crossing preferences," Journal of Public Economics, Elsevier, vol. 59(2), pages 219-237, February.
- Salvador Barbera & Matthew O. Jackson, 2002.
"Choosing How to Choose: Self Stable Majority Rules,"
Microeconomics
0211003, University Library of Munich, Germany.
- Salvador Barberà & Matthew O. Jackson, 2003. "Choosing How to Choose: Self-Stable Majority Rules and Constitutions," Working Papers 57, Barcelona School of Economics.
- Salvador BARBER?Author-Email: salvador.barbera@uab.es & Matthew O. JACKSON, 2003. "Choosing How to Choose: Self-Stable Majority Rules and Constitutions," UFAE and IAE Working Papers 596.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Jackson, Matthew O. & Barbera, Salvador, 2002. "Choosing How Choose: Self-Stable Majority Rules," Working Papers 1145, California Institute of Technology, Division of the Humanities and Social Sciences.
- Matthias Messner & Mattias K. Polborn, 2004. "Voting on Majority Rules," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 71(1), pages 115-132.
- Alessandro Riboni & Francisco J. Ruge-Murcia, 2008.
"The Dynamic (In)Efficiency of Monetary Policy by Committee,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(5), pages 1001-1032, August.
- Alessandro Riboni & Francisco J. Ruge‐Murcia, 2008. "The Dynamic (In)Efficiency of Monetary Policy by Committee," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(5), pages 1001-1032, August.
- Alessandro Riboni & Francisco Ruge-Murcia, 2006. "The Dynamic (In)efficiency of Monetary Policy by Committee," 2006 Meeting Papers 206, Society for Economic Dynamics.
- RIBONI, Alessandro & RUGE-MURCIA, Francisco, 2006. "The Dynamic (In)efficiency of Monetary Policy by Committee," Cahiers de recherche 02-2006, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- RIBONI, Alessandro & RUGE-MURCIA, Francisco, 2006. "The Dynamic (In)efficiency of Monetary Policy by Committee," Cahiers de recherche 2006-02, Universite de Montreal, Departement de sciences economiques.
- Knight, Brian G., 2000. "Supermajority voting requirements for tax increases: evidence from the states," Journal of Public Economics, Elsevier, vol. 76(1), pages 41-67, April.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997.
"Voting Behavior and Information Aggregation in Elections with Private Information,"
Econometrica, Econometric Society, vol. 65(5), pages 1029-1058, September.
- Timothy Feddersen & Wolfgang Pesendorfer, 1994. "Voting Behavior and Information Aggregation in Elections with Private Information," Discussion Papers 1117, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections With Private Information," Levine's Working Paper Archive 1560, David K. Levine.
- Christopher J. Waller, 2000. "Policy Boards and Policy Smoothing," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(1), pages 305-339.
- Philippe Aghion & Patrick Bolton, 2003.
"Incomplete Social Contracts,"
Journal of the European Economic Association, MIT Press, vol. 1(1), pages 38-67, March.
- Aghion, Philippe & Bolton, Patrick, 2003. "Incomplete Social Contracts," Scholarly Articles 4554123, Harvard University Department of Economics.
- Philippe Aghion & Alberto Alesina & Francesco Trebbi, 2004.
"Endogenous Political Institutions,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(2), pages 565-611.
- Philippe Aghion & Alberto Alesina & Francesco Trebbi, 2002. "Endogenous Political Institutions," NBER Working Papers 9006, National Bureau of Economic Research, Inc.
- Aghion, Philippe & Alesina, Alberto & Trebbi, Francesco, 2004. "Endogenous Political Institutions," Scholarly Articles 4481498, Harvard University Department of Economics.
- Philippe Aghion & Albero Alesina & Francesco Trebbi, 2002. "Endogenous Political Institutions," Harvard Institute of Economic Research Working Papers 1957, Harvard - Institute of Economic Research.
- Alesina, Alberto & Aghion, Philippe & Trebbi, Francesco, 2002. "Endogenous Political Institutions," CEPR Discussion Papers 3473, C.E.P.R. Discussion Papers.
- Tabellini, Guido & Alesina, Alberto, 1990.
"Voting on the Budget Deficit,"
American Economic Review, American Economic Association, vol. 80(1), pages 37-49, March.
- Guido Tabellini & Alberto Alesina, 1988. "Voting on the Budget Deficit," UCLA Economics Working Papers 539, UCLA Department of Economics.
- Alberto Alesina & Guido Tabellini, 1988. "Voting on the Budget Deficit," NBER Working Papers 2759, National Bureau of Economic Research, Inc.
- Alesina, Alberto F & Tabellini, Guido, 1988. "Voting on the Budget Deficit," CEPR Discussion Papers 269, C.E.P.R. Discussion Papers.
- Tabellini, Guido & Alesina, Alberto, 1990. "Voting on the Budget Deficit," Scholarly Articles 4553030, Harvard University Department of Economics.
- Herrendorf, Berthold, 1997.
"Importing Credibility through Exchange Rate Pegging,"
Economic Journal, Royal Economic Society, vol. 107(442), pages 687-694, May.
- Herrendorf, Berthold, 1996. "Importing Credibility Through Exchange Rate Pegging," Economic Research Papers 268695, University of Warwick - Department of Economics.
- Salvador Barbera & Matthew O. Jackson, 2004.
"Choosing How to Choose: Self-Stable Majority Rules and Constitutions,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(3), pages 1011-1048.
- Salvador BARBER?Author-Email: salvador.barbera@uab.es & Matthew O. JACKSON, 2003. "Choosing How to Choose: Self-Stable Majority Rules and Constitutions," UFAE and IAE Working Papers 596.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Salvador Barberà & Matthew O. Jackson, 2003. "Choosing How to Choose: Self-Stable Majority Rules and Constitutions," Working Papers 57, Barcelona School of Economics.
- Nicola Persico, 2004. "Committee Design with Endogenous Information," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 71(1), pages 165-191.
- Thompson, Earl A, 1981. "Who Should Control the Money Supply?," American Economic Review, American Economic Association, vol. 71(2), pages 356-361, May.
- Caplin, Andrew S & Nalebuff, Barry J, 1988. "On 64%-Majority Rule," Econometrica, Econometric Society, vol. 56(4), pages 787-814, July.
- Guzzo, Vincenzo & Velasco, Andres, 1999. "The case for a populist Central Banker," European Economic Review, Elsevier, vol. 43(7), pages 1317-1344, June.
- Gradstein, Mark, 1999. "Optimal taxation and fiscal constitution," Journal of Public Economics, Elsevier, vol. 72(3), pages 471-485, June.
- Azariadis, Costas & Galasso, Vincenzo, 2002. "Fiscal Constitutions," Journal of Economic Theory, Elsevier, vol. 103(2), pages 255-281, April.
- Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
- Alejandro Neut & Andres Velasco, 2004. "Tough Policies, Incredible Policies," CID Working Papers 105, Center for International Development at Harvard University.
- Andres Velasco & Alejandro Neut, 2003. "Tough Policies, Incredible Policies?," NBER Working Papers 9932, National Bureau of Economic Research, Inc.
- Taylor, John B, 1981. "Stabilization, Accommodation, and Monetary Rules," American Economic Review, American Economic Association, vol. 71(2), pages 145-149, May.
- Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-167, March.
- Waller, Christopher J, 1992. "The Choice of a Conservative Central Banker in a Multisector Economy," American Economic Review, American Economic Association, vol. 82(4), pages 1006-1012, September.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
- Alessandro Riboni, 2010. "Committees As Substitutes For Commitment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 51(1), pages 213-236, February.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ernesto Dal Bo, 2002. "Supermajority Voting Rules: Balancing Commitment and Flexibility," Economics Series Working Papers 132, University of Oxford, Department of Economics.
- D. Masciandaro, 2019. "What Bird Is That? Central Banking And Monetary Policy In The Last Forty Years," BAFFI CAREFIN Working Papers 19127, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
- Berthold Herrendorf & Manfred J.M. Neumann, 2003.
"The Political Economy of Inflation, Labour Market Distortions and Central Bank Independence,"
Economic Journal, Royal Economic Society, vol. 113(484), pages 43-64, January.
- Herrendorf, Berthold & Neumann, Manfred J.M., 1998. "The Political Economy of Inflation, Labour Market Distortions and Central Bank Independence," CEPR Discussion Papers 1969, C.E.P.R. Discussion Papers.
- Mihov, Ilian & Sibert, Anne, 2006. "Credibility and Flexibility with Independent Monetary Policy Committees," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(1), pages 23-46, February.
- Sibert, Anne & Mihov, Ilian, 2002.
"Credibility and Flexibility with Monetary Policy Committees,"
CEPR Discussion Papers
3278, C.E.P.R. Discussion Papers.
- Ilian Mihov & Anne Sibert, 2002. "Credibility and Flexibility with Monetary Policy Committees," Working Papers 232002, Hong Kong Institute for Monetary Research.
- McCallum, Bennett T., 1997.
"Crucial issues concerning central bank independence,"
Journal of Monetary Economics, Elsevier, vol. 39(1), pages 99-112, June.
- Bennett T. McCallum, 1996. "Crucial Issues Concerning Central Bank Independence," NBER Working Papers 5597, National Bureau of Economic Research, Inc.
- Hayo, Bernd & Hefeker, Carsten, 2002. "Reconsidering central bank independence," European Journal of Political Economy, Elsevier, vol. 18(4), pages 653-674, November.
- Francesca Castellani & Xavier Debrun, 2005. "Designing Macroeconomic Frameworks: A Positive Analysis of Monetary and Fiscal Delegation," International Finance, Wiley Blackwell, vol. 8(1), pages 87-117, March.
- Ms. Francesca Castellani & Mr. Xavier Debrun, 2001. "Central Bank Independence and the Design of Fiscal Institutions," IMF Working Papers 2001/205, International Monetary Fund.
- Martin, Fernando M., 2015.
"Debt, inflation and central bank independence,"
European Economic Review, Elsevier, vol. 79(C), pages 129-150.
- Fernando Martin, 2012. "Debt, Inflation and Central Bank Independence," 2012 Meeting Papers 1019, Society for Economic Dynamics.
- Fernando M. Martin, 2013. "Debt, inflation and central bank independence," Working Papers 2013-017, Federal Reserve Bank of St. Louis.
- Richard Mash, 2000. "The Time Inconsistency of Monetary Policy with Inflation Persistence," Economics Series Working Papers 15, University of Oxford, Department of Economics.
- Donato Masciandaro, 1995. "Designing a central bank: Social player, monetary agent, or banking agent?," Open Economies Review, Springer, vol. 6(4), pages 399-410, October.
- Huiping Yuan & Stephen M. Miller & Langnan Chen, 2011.
"The Optimality And Controllability Of Monetary Policy Through Delegation With Consistent Targets,"
Scottish Journal of Political Economy, Scottish Economic Society, vol. 58(1), pages 82-106, February.
- Huiping Yuan & Stephen M. Miller & Langnan Chen, 2006. "The Making of Optimal and Consistent Policy: An Analytical Framework for Monetary Models," Working papers 2006-05, University of Connecticut, Department of Economics, revised Jan 2009.
- Reiner Eichenberger & Sergio Rossi, 2004. "Die Deregulierung der Zentralbanken: Auf zu einem internationalen Markt für gute Geldpolitik!," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 327-353, September.
- Masciandaro, Donato, 2022. "Independence, conservatism, and beyond: Monetary policy, central bank governance and central banker preferences (1981–2021)," Journal of International Money and Finance, Elsevier, vol. 122(C).
- Donato Masciandaro & Davide Romelli, 2019.
"Behavioral Monetary Policymaking: Economics, Political Economy and Psychology,"
World Scientific Book Chapters, in: Behavioral Finance The Coming of Age, chapter 9, pages 285-329,
World Scientific Publishing Co. Pte. Ltd..
- Donato Masciandaro & Davide Romelli, 2019. "Behavioral Monetary Policymaking: Economics, Political Economy And Psychology," BAFFI CAREFIN Working Papers 19105, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Tootell, Geoffrey M. B., 1999. "Whose monetary policy is it anyway?," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 217-235, February.
- Franz R. Hahn & Peter Mooslechner, 1999. "Zur Fundierung des Designs des Europäischen Zentralbanksystems," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(1), pages 49-60, January.
- Weymark, Diana N., 2007. "Inflation, government transfers, and optimal central bank independence," European Economic Review, Elsevier, vol. 51(2), pages 297-315, February.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:pubeco:v:90:y:2006:i:4-5:p:573-599. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505578 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.