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Do Parties Matter? A Political Model Of Monetary Policy In Open Economies, Hulya Unlusoy
In this doctoral dissertation, I present an original political model of monetary policy in open economies that reframes the Mundell-Fleming model when party politics and long-term interest rates are examined with the three economic variables (monetary policy autonomy, capital mobility, fixed exchange rate) that form the basis of the Mundell-Fleming model. The Mundell-Fleming model explains that there is no monetary policy autonomy in the short term under high capital mobility and a fixed exchange rate system. To see whether I arrive at a different conclusion than the Mundell-Fleming model, I pose the following two research questions: 1. What explains variations ...