Central Bank Independence and Economic Performance

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11 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

This paper examines the influence that several factors may have on the relationship between legal Central Bank Independence (CBI), on the one hand, and the inflation and real GDP growth on the other. Using multivariate regression analysis for 39 OECD during the two periods, 1991-1998 and 1999-2006, we show that even if we include several control variables in the regression, the negative relationship between CBI and inflation, and the lack of relationship between CBI and the variability of real GDP growth remaining were unaffected. Also, we decompose the index of CBI into its four components and we examine whether they matter for inflation, for real GDP growth and for the sacrifice ratio.

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References

1985The Optimal Degree of Commitment to an Intermediate Monetary Target 1997Foundations of International Macroeconomics 1973Some International Evidence on Output-Inflation Tradeoffs.1993Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence 1992Measuring the Independence of Central Banks and Its Effect on Policy Outcomes 1991Political and Monetary Institutions and Public Financial Policies in the Industrial Countries 1992Central Bank Strategy, Credibility, and Independence: Theory and Evidence 1995Optimal contracts for central bankers

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