Carolina Garriga
@carogarriga.bsky.social
Professor of Government, University of Essex | International/comparative political economy; Institutions; Central banks & money; FDI | Data crafter | #FirstGen | She/her
https://sites.google.com/site/carogarriga/
https://sites.google.com/site/carogarriga/
Read the paper, ungated, here ➡️https://doi.org/10.1093/isq/sqaf074
October 8, 2025 at 4:43 PM
Read the paper, ungated, here ➡️https://doi.org/10.1093/isq/sqaf074
🏛Why this matters:
➡️ It moves the field beyond the substitute/complement debate
➡️ It encourages us to consider broader macroeconomic objectives beyond just inflation – like stability, credibility, and risk management in monetary design.
➡️ It moves the field beyond the substitute/complement debate
➡️ It encourages us to consider broader macroeconomic objectives beyond just inflation – like stability, credibility, and risk management in monetary design.
October 8, 2025 at 4:43 PM
🏛Why this matters:
➡️ It moves the field beyond the substitute/complement debate
➡️ It encourages us to consider broader macroeconomic objectives beyond just inflation – like stability, credibility, and risk management in monetary design.
➡️ It moves the field beyond the substitute/complement debate
➡️ It encourages us to consider broader macroeconomic objectives beyond just inflation – like stability, credibility, and risk management in monetary design.
Our third-generation framework points to a deeper story:
A political struggle for control over monetary policy, fought through these institutional choices.
👀 Stay tuned for our sequel paper, coming soon!
A political struggle for control over monetary policy, fought through these institutional choices.
👀 Stay tuned for our sequel paper, coming soon!
October 8, 2025 at 4:43 PM
Our third-generation framework points to a deeper story:
A political struggle for control over monetary policy, fought through these institutional choices.
👀 Stay tuned for our sequel paper, coming soon!
A political struggle for control over monetary policy, fought through these institutional choices.
👀 Stay tuned for our sequel paper, coming soon!
📊Using lots of data on de jure and de facto monetary institutions, we find:
📌 CBI → inflation control
📌 FIX → exchange rate stability
⚠️ But together? They often perform worse than one alone.
📌 CBI → inflation control
📌 FIX → exchange rate stability
⚠️ But together? They often perform worse than one alone.
October 8, 2025 at 4:43 PM
📊Using lots of data on de jure and de facto monetary institutions, we find:
📌 CBI → inflation control
📌 FIX → exchange rate stability
⚠️ But together? They often perform worse than one alone.
📌 CBI → inflation control
📌 FIX → exchange rate stability
⚠️ But together? They often perform worse than one alone.
We argue that CBI and FIX should:
📌 Neither be used as substitutes
📌 Nor perform as complements
…for controlling inflation or delivering exchange rate stability.
📌 Neither be used as substitutes
📌 Nor perform as complements
…for controlling inflation or delivering exchange rate stability.
October 8, 2025 at 4:43 PM
We argue that CBI and FIX should:
📌 Neither be used as substitutes
📌 Nor perform as complements
…for controlling inflation or delivering exchange rate stability.
📌 Neither be used as substitutes
📌 Nor perform as complements
…for controlling inflation or delivering exchange rate stability.
We revisit a core question in monetary politics:
🤔 Are central bank independence (CBI) and fixed exchange rates (FIX) substitutes, complements, or something else entirely?
💡 We propose a third-generation framework to rethink how these institutions interact.
🤔 Are central bank independence (CBI) and fixed exchange rates (FIX) substitutes, complements, or something else entirely?
💡 We propose a third-generation framework to rethink how these institutions interact.
October 8, 2025 at 4:43 PM
We revisit a core question in monetary politics:
🤔 Are central bank independence (CBI) and fixed exchange rates (FIX) substitutes, complements, or something else entirely?
💡 We propose a third-generation framework to rethink how these institutions interact.
🤔 Are central bank independence (CBI) and fixed exchange rates (FIX) substitutes, complements, or something else entirely?
💡 We propose a third-generation framework to rethink how these institutions interact.
Reposted by Carolina Garriga
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theconversation.com
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I wrote a bit about Palestine Action, and how the new law will treat their members and supporters: theconversation.com/palestine-ac...
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