Paper
Posted on 20 April 2023
In the last three decades, legal delegation of monetary policy to independent central banks (CBI) has achieved the status of a global norm of good governance. The recent backlash against this...
Paper
Posted on 9 February 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal...
Paper
Posted on 25 January 2023
Since the 1980s many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we...
Paper
Posted on 25 May 2022
We investigate the link between ideology and the sentiments of parliamentarians when they speak to the central bank they hold accountable. To this end, we collect textual data on the...
Paper
Posted on 30 April 2022
The ability to finance conflict likely affects the odds of sustaining a war and succeeding in it. Recent literature explores rebel group funding, but far less is known about how...
Paper
Posted on 10 October 2021
This paper investigates whether parliamentary hearings are effective in holding central banks accountable against their mandates. To this end, it applies text analysis on the hearings of the Bank of...
Paper
Posted on 27 September 2021
We analyze the partisanship of Securities and Exchange Commissioners (SEC) and members of the Federal Reserve Board of Governors (Fed). Using the language-based approach of Gentzkow, Shapiro, and Taddy (Econometrica,...
Paper
Posted on 25 September 2021
What explains the worldwide changes in central bank design over the past five decades? Using a new dataset on central bank institutional design, this paper investigates the timing, pace and...
Paper
Posted on 30 August 2021
Previous scholarship on central bank accountability has generally focused on monetary authorities' deeds and words while largely ignoring the other side of the accountability relationship, namely politicians' voice on monetary...
Paper
Posted on 11 August 2021
By Dirk Niepelt
We analyze the introduction of retail central bank digital currency (CBDC) into a two-tiered monetary system. Deposits, reserves, and CBDC differ in terms of operating costs and liquidity. We identify the optimal...
Opinion
Posted on 6 July 2021
This post reports on recent work presented at the first edition of the CEPR Conference Series on the Political Economy of Finance, which focused on the politics of regulation and...
Paper
Posted on 3 July 2021
We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more...
Paper
Posted on 2 July 2021
By Eric Monnet
In the paper "The Real Effects of Bank Runs. Evidence from the French Great Depression (1930-1931)" we study how competition between regulated and unregulated institutions can trigger financial instability and...
Paper
Posted on 1 July 2021
We document that central banks are significantly more likely to report slightly positive profits than slightly negative profits, especially amid greater political pressure, the public’s receptiveness to more extreme political...
Paper
Posted on 21 May 2021
By Oscar Soons
We analyze the political economy causes and consequences of a monetary unification among countries with different institutional quality. Before a common currency countries with stronger institutions have more efficient public...