We assemble an almost complete set of central bank statutes since 1800 to assess the legal
independence of central banking institutions. We use these to extend existing indices of …

Empirical exchange-rate models fit very well for the US dollar in the 21st century. A
“standard” model that includes real interest rates and a measure of expected inflation for the …

This paper combines new data and a narrative approach to identify shocks to political
pressure on the Federal Reserve. From archival records, I build a data set of personal …

Has globalization affected the use of fiscal policy as a macroeconomic stabilization tool in
response to financial crises? We study this question in an empirical model using different …

Expansionary fiscal policies have increased significantly following the subprime crisis in
2007 and the COVID-19 crisis, leading to fiscal dominance concerns, where a growing …

This article assesses whether central bankers' monetary policy preferences differ by gender.
Based on a monetary policy rule in which the inflation rate is a function of the output gap, we …

When are women appointed to the board of central banks? While progressive societal
gender norms may facilitate women's ascension to leadership positions, recent research …

The rise of cryptocurrencies over the past decade has promised to challenge the dominance
of fiat money systems and reshape monetary policy. However, recent developments …

This paper provides novel evidence of the long-run effects of central bank independence on
inflation. We show that improvements in central bank independence have a much larger …

Using a political economy approach, this article offers a positive analysis of the relationships
between macroeconomic fundamentals, unintended financial dominance, and central …