Template-type: ReDIF-Paper 1.0
Author-Name: Donato Masciandaro
Author-Name: Davide Romelli
Title:BEHAVIORAL MONETARY POLICYMAKING: ECONOMICS, POLITICAL ECONOMY AND PSYCHOLOGY
Abstract:This chapter reviews the evolution of the theory of monetary policy design since the 1980s, highlighting the emerging role of central banker psychology. Three subsequent stages are evident. First, the central bank was considered as an independent institution (modern economics). Second, central bankers were assumed to be delegated bureaucrats (advanced political economy). Third, a link with psychology was established (behavioural economics).
Classification-JEL:E52, E58, E03
Keywords:MONETARY POLICY, POLITICAL ECONOMICS, BEHAVIORAL ECONOMICS
Length: 42
Number: 19105
Creation-Date: 2019
File-URL: https://repec.unibocconi.it/baffic/baf/papers/cbafwp19105.pdf
File-Format: application/pdf
File-Size: 446
Handle: RePEc:baf:cbafwp:cbafwp19105