Central bank independence, targets, and credibility
Subtitle: political and economic aspects of delegation arrangements for monetary policy
By: Francesco Lippi.
Publisher: Edward Elgar
Published: 1999
Place of publication: Northampton, Mass., USA
Language: eng
Number of pages: 162
Subjects: Banks and banking, Central -- European Union countries.; Monetary policy -- European Union countries.
Description: This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence.

The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved.

Finally, explanations for the variation of central bank independence and conservatism across different countries are provided. This book will appeal to researchers, academics and policy makers in the fields of monetary policy, financial economics, money and banking and political economy.
Notes: Includes bibliographical references (p. 149-156) and index.