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Contribution to Book
Review: 'Political Pressure, Rhetoric, and Monetary Policy: Lessons for the European Central Bank'
The Economic Record
  • Tony Caporale, University of Dayton
Document Type
Book Review
Publication Date
12-1-2003
Abstract
Philipp Maier’s fine book Political Pressure, Rhetoric and Monetary Policy: Lessons for the European Central Bank is a welcome addition to this literature. The book’s major focus is to empirically measure the extent to which political factors such as elections and government turnover, as well as other special interest groups, have influenced the German Central Bank’s (the Deutsche Bundesbank) conduct of monetary policy. This question is clearly important since the major case for the ECB was that it would render monetary policy more apolitical. Since the Bundesbank is widely regarded as being one of the world’s most independent Central Banks, it was the major blueprint for the ECB. The finding of significant political manipulation of post-war German monetary policy would weaken the case for the ECB as well as throw into question the relevance of many cross-national studies that have measured the economic impact of central bank independence.
Inclusive pages
512-513
ISBN/ISSN
0013-0249
Comments

Citation information for the book reviewed:

  • Philipp Maier. Political Pressure, Rhetoric and Monetary Policy: Lessons for the European Central Bank. Cheltenham, U.K. and Northampton, MA, U.S.A.: Edward Elgar, 2002.
Publisher
John Wiley & Sons
Citation Information
Tony Caporale. "Review: 'Political Pressure, Rhetoric, and Monetary Policy: Lessons for the European Central Bank'" The Economic Record Vol. 79 Iss. 247 (2003)
Available at: http://works.bepress.com/tony_caporale/19/