Skip to content
PolEconFin Conferences
  • About
  • People
  • Conferences
  • Papers & Opinions
  • Registration
Sign in
PolEconFin Conferences
LnRiLWZpZWxke21hcmdpbi1ib3R0b206MC43NmVtfS50Yi1maWVsZC0tbGVmdHt0ZXh0LWFsaWduOmxlZnR9LnRiLWZpZWxkLS1jZW50ZXJ7dGV4dC1hbGlnbjpjZW50ZXJ9LnRiLWZpZWxkLS1yaWdodHt0ZXh0LWFsaWduOnJpZ2h0fS50Yi1maWVsZF9fc2t5cGVfcHJldmlld3twYWRkaW5nOjEwcHggMjBweDtib3JkZXItcmFkaXVzOjNweDtjb2xvcjojZmZmO2JhY2tncm91bmQ6IzAwYWZlZTtkaXNwbGF5OmlubGluZS1ibG9ja311bC5nbGlkZV9fc2xpZGVze21hcmdpbjowfQ==
LnRiLWhlYWRpbmcuaGFzLWJhY2tncm91bmR7cGFkZGluZzowfQ==
.tb-container .tb-container-inner{width:100%;margin:0 auto} .wp-block-toolset-blocks-container.tb-container[data-toolset-blocks-container="7990017b9d2a69714997192d12cdf930"] { padding: 25px;box-shadow: 5px 5px 10px 0 rgba( 0, 0, 0, 0.5 ); } .tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em} .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] { text-align: left; } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__link { background-color: rgba( 255, 255, 255, 1 );border-radius: 50px;color: rgba( 23, 28, 84, 1 );padding: 8px 20px 8px 20px;border: 1px solid rgba( 23, 28, 84, 1 );font-size: 18px;color: rgba( 23, 28, 84, 1 ); } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__link:hover { background-color: rgba( 40, 113, 173, 1 );border-radius: 50px;color: rgba( 255, 255, 255, 1 );padding: 8px 20px 8px 20px;border: 1px solid rgba( 23, 28, 84, 1 );color: rgba( 255, 255, 255, 1 ); } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__link:active { background-color: rgba( 255, 255, 255, 1 );border-radius: 50px;color: rgba( 23, 28, 84, 1 );padding: 8px 20px 8px 20px;border: 1px solid rgba( 23, 28, 84, 1 );color: rgba( 23, 28, 84, 1 ); } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__icon { font-family: dashicons;margin-right: 10px; } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__icon::before { content: '\f103'; } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"] { grid-template-columns: minmax(0, 1fr);grid-column-gap: 0px;grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="110da289a367c76cbaa13243eac51d4f"] { display: flex; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="44855410933f79eb72e3c5e281e1da34"] { font-size: 18px;color: rgba( 23, 28, 84, 1 ); } .tb-fields-and-text[data-toolset-blocks-fields-and-text="44855410933f79eb72e3c5e281e1da34"] p { font-size: 18px;color: rgba( 23, 28, 84, 1 ); } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] { grid-template-columns: minmax(0, 1fr);grid-column-gap: 0px;grid-row-gap: 60px;grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="07cc8ce3e15a3c64f0f0e012c43e1484"] { display: flex; }  .tb-fields-and-text[data-toolset-blocks-fields-and-text="f55aa7d88b65a599e0a8705c8bb2a7f9"] { font-size: 18px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="f55aa7d88b65a599e0a8705c8bb2a7f9"] p { font-size: 18px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="e4f2f6e200d5b09da4662d342f64a618"] { font-size: 14px;padding-bottom: 20px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="e4f2f6e200d5b09da4662d342f64a618"] p { font-size: 14px; } h1.tb-heading[data-toolset-blocks-heading="4b2a33fd0a8c89401f9312cc49cf505a"]  { color: rgba( 23, 28, 84, 1 );text-align: center;margin-top: 10px; }  .tb-field[data-toolset-blocks-field="ab0d2fb02080d677efb49551e9148bb8"] { font-size: 12px;text-transform: uppercase;text-align: center;color: rgba( 40, 113, 173, 1 ); }  .tb-field[data-toolset-blocks-field="ab0d2fb02080d677efb49551e9148bb8"] a { color: rgba( 40, 113, 173, 1 );text-transform: uppercase; } .tb-field[data-toolset-blocks-field="ab0d2fb02080d677efb49551e9148bb8"] a:hover { color: rgba( 23, 28, 84, 1 ); } @media only screen and (max-width: 781px) { .tb-container .tb-container-inner{width:100%;margin:0 auto}.tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em}.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="110da289a367c76cbaa13243eac51d4f"] { display: flex; } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] { grid-template-columns: minmax(0, 0.5fr) minmax(0, 0.5fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="07cc8ce3e15a3c64f0f0e012c43e1484"] { display: flex; }     } @media only screen and (max-width: 599px) { .tb-container .tb-container-inner{width:100%;margin:0 auto}.tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em}.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="110da289a367c76cbaa13243eac51d4f"] { display: flex; } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="07cc8ce3e15a3c64f0f0e012c43e1484"] { display: flex; }     } 
Central banking | Political institutions

Political Voice on Monetary Policy: Evidence from the Parliamentary Hearings of the European Central Bank

By Davide Romelli | Posted on 30 August 2021

Post type: Paper


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 policy. This raises a fundamental question: what are central banks held accountable for by elected officials? To answer this question, we employ structural topic models on a new dataset of the Monetary Dialogues between the Members of the European Parliament (MEPs) and the President of the European Central Bank (ECB) from 1999 to 2019. Our findings are twofold. First, we uncover differences in how MEPs keep the ECB accountable for its primary, price stability objective. We show that European politicians also attempt to keep the central bank accountable for a broader set of issues that are connected with, but distinct from, the central bank’s primary goal. Second, we show that unemployment is a key explanatory variable for the political voice articulated by individual MEPs in accountability settings. In particular, higher rates of domestic unemployment lead MEPs to devote less voice on issues related to the ECB’s primary mission. These findings reveal the existence of a “political” Phillips curve reaction function, which enriches our understanding of the principal-agent accountability relationship between politicians and central bankers.


Co-Author(s): Federico M. Ferrara, Donato Masciandaro and Manuela Moschella


# Tags: Accountability | Central bank independence | European Central Bank | European Parliament | Politicians


Link to Paper
  • Cookie Policy
  • Privacy Policy

© 2023 PolEconFin  Created by GoForFlex

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsRejectAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. Read More
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Powered by CookieYes Logo
Scroll to top
  • About
  • People
  • Conferences
  • Papers & Opinions
  • Registration
  • Login