Bureaucratic Delegation and Political Institutions: When are Independent Central Banks Irrelevant?

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World Bank, Development Research Group, Regulation and Competition policy, 2000 - Banca central - 48 pages
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Does delegation of policymaking authority to independent agencies improve policy outcomes? This paper reports new theory and tests related to delegation of monetary policy to an independent central bank. The authors find that delegation reduces inflation only under specific institutional and political conditions.

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