NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Andrea Stella

Board of Governors of the Federal Reserve System
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NBER Working Papers and Publications

April 2010The Politics of Monetary Policy
with Alberto F. Alesina: w15856
In this paper we critically review the literature on the political economy of monetary policy, with an eye on the questions raised by the recent financial crisis. We begin with a discussion of rules versus discretion. We then examine the issue of Central Banks independence both in normal times, in times of crisis. Then we review the literature of electoral manipulation of policies. Finally we address international institutional issues concerning the feasibility, optimality and political sustainability of currency unions in which more than one country share the same currency. A brief review of the Euro experience concludes the paper.

Published: Alesina, Alberto, Andrea Stella, B Friedman, and M Woodford. 2011. The Politics of Monetary Policy. In Handbook of Monetary Economics, Ch. 8 1000-1054. Amsterdam: North Holland.

 
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