论文标题
使用法律裁决来衡量中央银行独立性的冲击
Measuring Shocks to Central Bank Independence using Legal Rulings
论文作者
论文摘要
我们调查法律裁决对货币政策行为的后果。欧洲中央银行的几项非常规货币政策措施对国家法院和欧洲法院进行了审查。这些诉讼有可能严重影响中央银行政策的范围和灵活性，而中央银行在广泛的意义上具有重要的影响，对真实和金融经济产生了重要的影响。由于相关法律挑战的数量很少，因此我们开发了一种计量经济学方法，该方法搜索我们用来隔离和衡量这些事件影响的最小差异制度。我们的结果表明，解决中央银行政策的法律裁决对金融市场有很大的影响。扩张性冲击可以缓解各个方面的财务状况，通货膨胀互换反应表明，短期内有更强影响的通货膨胀压力。
We investigate the consequences of legal rulings on the conduct of monetary policy. Several unconventional monetary policy measures of the European Central Bank have come under scrutiny before national courts and the European Court of Justice. These lawsuits have the potential to severely impact the scope and flexibility of central bank policies, and central bank independence in a wide sense, with important consequences for the real and financial economy. Since the number of relevant legal challenges is small, we develop an econometric approach that searches for minimum variance regimes which we use to isolate and measure the effects of these events. Our results suggest that legal rulings addressing central bank policies have a powerful effect on financial markets. Expansionary shocks ease financial conditions along various dimensions, and inflation swap reactions suggest inflationary pressures with stronger effects in the short term.
