Series: IMF Working Papers
Author(s): Eric Le Borgne , and Gauti Eggertsson
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 April 2007
Keywords: Delegation, Elections, Career Concerns, Learning-by-doing, Insulation, public opinion, inflation, central bank, monetary policy, political economy
This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent institution. It formalizes the rationales for delegation highlighted by Hamilton (1788) and by Blind...