This paper reviews recent research on central bank independence (CBI). After we have
distinguished between independence and conservativeness, research in which the …

This chapter surveys the recent literature on the theory of macroeconomic policy. We study
the effect of various incentive constraints on the policy making process, such as lack of …

What determines the size and form of redistributive programs, the extent and type of public
goods provision, the burden of taxation across alternative tax bases, the size of government …

The new edition of a comprehensive treatment of monetary economics, including the first
extensive coverage of the effective lower bound on nominal interest rates. This textbook …

Inflation target regimes (like those of New Zealand, Canada, UK, Sweden and Finland) are
interpreted as having explicit inflation targets and implicit output/unemployment targets …

... it is thanks to works like this one that we can make progress in the understanding of the
phenomenon of independent regulatory authorities in Europe and elsewhere. Competition …

With benevolent policymakers and fiscal leadership, monetary unification reduces inflation,
taxes and public spending. These disciplining effects of a monetary union, which become …

Although principal-agent models have been extensively used by American political
scientists for now more than twenty years, their application to the European context is much …

Inflation targeting regimes define a performance measure for the central bank. A regime that
places a large (small) weight on achieving the target is analogous to a high-(low-) powered …

Monetary policy analyses usually assume an atomistic private sector, thereby ignoring
potential interactions between policy and wage-setting decisions. Yet, non-atomistic wage …