The Politics of Monetary Policy

Alberto F. Alesina, Andrea Stella

NBER Working Paper No. 15856
Issued in April 2010, Revised in December 2011

---- Acknowledgements ----

Prepared for the Handbook of Monetary Economics. We thank Olivier Blanchard, Francesco Giavazzi, Loukas Karabarbounis, Lars Svensson, Guido Tabellini, Jan Zilinski, Luigi Zingales and many participants at the ECB conference in Frankfurt in October 2009 for useful comments. Our greatest debt is towards Benjamin Friedman who followed from the beginning this project and our discussant at the conference Allan Drazen who gave us very useful comments. Dorian Carloni and Giampaolo Lecce provided excellent research assistantship. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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