Central Bank Independence: An Update of Theory and Evidence
- 1 February 2001
- journal article
- Published by Wiley in Journal of Economic Surveys
- Vol. 15 (1) , 3-40
- https://doi.org/10.1111/1467-6419.00131
Abstract
This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, research in which the inflationary bias is endogenised is reviewed. Finally, the various challenges that have been raised against previous empirical findings on CBI are discussed. We conclude that the negative relationship between CBI and inflation is quite robust.Keywords
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