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Putting Monetary Policy in its Political Place

机译:将货币政策置于政治地位

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摘要

Even though a central bank has formal independence, the success of its actions are part of an interdependent system of policies in which elected governments have a role too. In the making of monetary policy, economists have technical expertise but politicians claim electoral legitimacy. This paper examines monetary policy from the perspective of elected officeholders who must balance non-economic pressures, both domestic and international, against concerns of central bankers with monetary constraint. It emphasizes divisions within national governments about how that balance should be struck, and differences in political priorities for economic policymaking between countries and across time. It concludes with a POP (Politically Optimal Policy), having flexibility between multiple and shifting policy goals rather than fixing on a single target, monetary or non-monetary.
机译:即使中央银行具有形式上的独立性,其行动的成功也是相互依存的政策体系的一部分,民选政府也可以在其中发挥作用。在制定货币政策时,经济学家具有技术专长,但政客则宣称选举具有合法性。本文从当选的公职人员的角度研究了货币政策,这些公职人员必须平衡国内和国际的非经济压力与有货币约束的中央银行的关注。它强调了各国政府内部关于如何实现这种平衡的分歧,以及各国之间以及跨时期的经济政策制定的政治优先事项的差异。它以POP(政治最优政策)作为结尾,该政策在多个和不断变化的政策目标之间具有灵活性,而不是固定在单个目标(货币或非货币)上。

著录项

  • 来源
    《Journal of Public Policy》 |2011年第3期|p.257-269|共13页
  • 作者

    RICHARD ROSE;

  • 作者单位

    Public Policy, University of Strathclyde;

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  • 原文格式 PDF
  • 正文语种 eng
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