Economic policy responses to the COVID-19 pandemic: The role of central bank independence

被引：15

作者：

Elgin, Ceyhun ^{[1
]}

Yalaman, Abdullah ^{[2
]}

Yasar, Sezer ^{[3
]}

Basbug, Gokce ^{[4
]}

机构：

[1] Bogazici Univ, Dept Econ, Natuk Birkan Kat 2 Bebek, TR-34342 Istanbul, Turkey

[2] Eskisehir Osmangazi Univ, Eskisehir, Turkey

[3] TED Univ, Dept Econ, Ziya Gokalp Caddesi 48, TR-06420 Ankara, Turkey

[4] Sungkyunkwan Univ, SKK Grad Sch Business, 25-2 Sungkyunkwan Ro, Seoul 03063, South Korea

来源：

ECONOMICS LETTERS | 2021年 / 204卷

关键词：

COVID-19; Central bank independence; Monetary policy; Fiscal policy;

D O I：

10.1016/j.econlet.2021.109874

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Is central bank independence (CBI) associated with economic policy responses to mitigate the adverse economic effects of the COVID 19 pandemic? In this paper, we provide cross-country evidence that it does. Our results generally indicate that more independent monetary policy authorities have adopted smaller cuts in the policy rate and reserve requirements. However, fiscal and macro-financial packages are relatively larger in countries with more independent central banks. These results are robust to different sets of control variables and different econometric specifications that include an instrumental variable estimation. (C) 2021 Elsevier B.V. All rights reserved.

引用

页数：8

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