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Macroeconomics and Politics Revisited. Do Central Banks Matter?

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  • Marco Lossani
  • Piergiovanna Natale
  • Patrizio Tirelli

Abstract

This paper provides a model encompassing both partisan influences on monetary policy and the issue of central bank independence. In a regime of partial independence, central bank's policy responses are not immune from partisan influences. Still, the latter fail to affect systematically the expected output level in election years. The predictions of the model are consistent with the empirical literature on partisan cycles and account for some of its controversial findings.
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  • Marco Lossani & Piergiovanna Natale & Patrizio Tirelli, 1996. "Macroeconomics and Politics Revisited. Do Central Banks Matter?," Working Papers 9612, Business School - Economics, University of Glasgow.
    • Handle: RePEc:gla:glaewp:9612
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    Cited by:

    1. Eric DUBOIS, 2010. "A Simple Politico-Economic Model to Predict Vote and Growth in France," EcoMod2004 330600045, EcoMod.
    2. Franck, Raphaël & Krausz, Miriam, 2008. "Why separate monetary policy from banking supervision?," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 388-411, September.

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