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Title:
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Independent Central Banks: Low inflation at no cost?: A model with fiscal policy
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Author:
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Ferré Carracedo, Montserrat; Manzano, Carolina
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Other authors:
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Universitat Rovira i Virgili. Departament d'Economia; Universitat Rovira i Virgili. Centre de Recerca en Economia Industrial i Economia Pública |
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Abstract:
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In this article we extend the rational partisan model of Alesina and
Gatti (1995) to include a second policy, fiscal policy, besides monetary policy. It is shown that, with this extension, the politically induced variance
of output is not always eliminated nor reduced by delegating monetary
policy to an independent and conservative central bank. Further, in flation
and output stabilisation will be affected by the degree of conservativeness
of the central bank and by the probability of the less in flation averse party
gaining power.
Keywords: rational partisan theory; fiscal policy; independent central
bank
JEL Classi fication: E58, E63. |
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Publication date:
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2013 |
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Subject (UDC):
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336 - Finances. Banca. Moneda. Borsa |
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Subject(s):
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Bancs centrals
Política fiscal
Política monetària |
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Rights:
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L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons: http://creativecommons.org/licenses/by-nc-nd/3.0/es/
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Pages:
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29 p. |
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Document type:
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Working Paper |
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Published by:
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Universitat Rovira i Virgili. Departament d'Economia
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Collection:
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Documents de treball del Departament d'Economia;2013-33
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