By Nicolo Fraccaroli | 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...


By Matthew Henriksson | 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,...


By Davide Romelli | 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...


By Davide Romelli | 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...


By Dirk Niepelt | Posted on 11 August 2021

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...


By Enrico Perotti | 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...


By Elisabeth Kempf | 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...


By Eric Monnet | Posted on 2 July 2021

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...


By Martin Schmalz | 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...


By Oscar Soons | Posted on 21 May 2021

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...