Cobham, David; Papadopoulos, Athanasios; Zis, George - School of Economics and Finance, University of St. Andrews - 2001
Data from a unique monetary 'experiment' conducted in the UK during the period 1994-97 are used to investigate the cost of political intervention in monetary policy. The paper finds that the difference between government bond yields in Germany (but not the US) and the UK was systematically...