nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2006‒11‒18
two papers chosen by
Karl Petrick
University of the West Indies

  1. The Political Economy of Monetary Institutions in Brazil: The Limits of the Inflation Targeting Strategy, 1999-2005 By Matias Vernengo
  2. Was the Wealth of Nations Determined in 1000 B.C.? By Diego Comin; William Easterly; Erick Gong

  1. By: Matias Vernengo
    Abstract: The paper provides a critical analysis of the literature on monetary policy institutions. It presents a critique of the dominant notion of central bank independence, based on the literature on time-inconsistency of monetary policy. An alternative view that emphasizes the role of distributive conflict in establishing monetary policy regimes is developed and used to analyze the Brazilian inflation targeting regime implemented in 1999. The analysis suggests that financial or rentier’s interests benefit from the current monetary regime, while manufacturing and worker’s interests bear the costs.
    Keywords: Inflation Targeting, Central Bank Behavior, Distributive Conflict
    JEL: E52 E58 F59
    Date: 2006–05
  2. By: Diego Comin; William Easterly; Erick Gong
    Abstract: We assemble a dataset on technology adoption in 1000 B.C., 0 A.D., and 1500 A.D. for the predecessors to today's nation states. We find that this very old history of technology adoption is surprisingly significant for today's national development outcomes. Although our strongest results are for 1500 A.D., we find that even technology as old as 1000 BC matters in some plausible specifications.
    JEL: N7 O3
    Date: 2006–10

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