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The Depoliticization of Monetary Policy

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  • Jerry H Tempelman

Abstract

In the past thirty years, it has been claimed that Republicans tend to favor relatively restrictive monetary policy while Democrats favor relatively accommodative monetary policy. Another claim is that, regardless of which political party is in power, monetary policy tends to be relatively restrictive during the first two years of an administration and relatively accommodative during its final two years. The present paper finds an absence of empirical evidence supporting either claim by restricting the sample period to the past quarter century (1982–2006). The depoliticization of monetary policy decisions probably reflects, among other factors, both the post-1970s new-Keynesian consensus in macroeconomic theory and the realization of political independence of the Federal Reserve System during the Volcker-Greenspan years.Business Economics (2008) 43, 16–22; doi:10.2145/20080202

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  • Jerry H Tempelman, 2008. "The Depoliticization of Monetary Policy," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 43(2), pages 16-22, April.
    • Handle: RePEc:pal:buseco:v:43:y:2008:i:2:p:16-22
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    Cited by:

    1. Aijaz Ahmad Bhat & Javaid Iqbal Khan & Sajad Ahmad Bhat & Javed Ahmad Bhat, 2023. "Central Bank Independence and Inflation in India: The Role of Financial Development," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 47(4), pages 392-407, October.
    2. Ahmad Bhat Aijaz & Iqbal Khan Javaid & Ahmad Bhat Sajad & Ahmad Parray Waseem, 2023. "Central Bank Independence and its Impact on Fiscal Deficit: Evidence from India," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 33(2), pages 71-94, June.
    3. Keith E. Schnakenberg & Ian R. Turner & Alicia Uribe-McGuire, 2017. "Allies or commitment devices? A model of appointments to the Federal Reserve," Economics and Politics, Wiley Blackwell, vol. 29(2), pages 118-132, July.

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