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on Post Keynesian Economics |
| By: | Matias Vernengo |
| Abstract: | The paper provides a critical analysis of the literature on monetary policy institutions. It presents a critique of the dominant notion of central bank independence, based on the literature on time-inconsistency of monetary policy. An alternative view that emphasizes the role of distributive conflict in establishing monetary policy regimes is developed and used to analyze the Brazilian inflation targeting regime implemented in 1999. The analysis suggests that financial or rentier’s interests benefit from the current monetary regime, while manufacturing and worker’s interests bear the costs. |
| Keywords: | Inflation Targeting, Central Bank Behavior, Distributive Conflict |
| JEL: | E52 E58 F59 |
| Date: | 2006–05 |
| URL: | http://d.repec.org/n?u=RePEc:uta:papers:2006_05&r=pke |
| By: | Diego Comin; William Easterly; Erick Gong |
| Abstract: | We assemble a dataset on technology adoption in 1000 B.C., 0 A.D., and 1500 A.D. for the predecessors to today's nation states. We find that this very old history of technology adoption is surprisingly significant for today's national development outcomes. Although our strongest results are for 1500 A.D., we find that even technology as old as 1000 BC matters in some plausible specifications. |
| JEL: | N7 O3 |
| Date: | 2006–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:12657&r=pke |