The Political Economy of Central Banking: Historical Perspectives

Abstract : The question of the relationship between monetary and fiscal authorities seems to be more complex than the recent debate on central bank independence would suggest. In the simple framework inspired by Sargent and Wallace (1976), the recipe for establishing an untarnished confidence in central bank money consisted in severing all links between governments and central bankers. In reality, however, monetary and fiscal authorities can hardly be separated at all: in fact, they are the two sides of the same coin – which is, the modern state. The idea that monetary and fiscal authorities can live their lives oblivious of each other does not seem to be validated by historical evidence.
Complete list of metadatas

Cited literature [6 references]  Display  Hide  Download

https://hal-univ-tlse2.archives-ouvertes.fr/hal-01294446
Contributor : Stefano Ugolini <>
Submitted on : Wednesday, March 30, 2016 - 4:55:34 PM
Last modification on : Thursday, October 17, 2019 - 8:53:26 AM
Long-term archiving on : Monday, November 14, 2016 - 7:30:18 AM

File

05vowitag_2013_ugolini_tcm14-2...
Publication funded by an institution

Identifiers

  • HAL Id : hal-01294446, version 1

Collections

Citation

Stefano Ugolini. The Political Economy of Central Banking: Historical Perspectives. A Changing Role for Central Banks? 41st Economic Conference, ⟨Oesterreichische Nationalbank⟩, pp.52-58, 2013. ⟨hal-01294446⟩

Share

Metrics

Record views

209

Files downloads

386