Political Pressure on Central Banks
构建了2010-2018年118家中央银行面临政治压力的季度数据集，发现约10%的央行每年面临压力，高法律独立性的央行也常被要求放松货币政策，且压力与更高通胀和通胀持续性相关。
Abstract I construct a quarterly data set on political pressure faced by 118 central banks from 2010 to 2018 using country‐level reports. I code whether each central bank is reportedly succumbing to pressure or resisting pressure. About 10% of central banks reportedly face political pressure in an average year. Even central banks with high legal independence frequently face pressure—nearly always for looser monetary policy. Pressure on the central bank is associated with higher inflation and inflation persistence. Pressure is more likely to come from governments with left‐wing or nationalist executives, few checks and balances, or weak electoral competition.