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| Author: | Daunfeldt, S-O. Luna, X. de |
| Title: | Central bank independence and price stability: Evidence from OECD-countries |
| Journal: | Oxford Economic Papers
2008 : JUL, VOL. 60:3, p. 410-422 |
| Index terms: | central banks prices stabilization OECD |
| Language: | eng |
| Abstract: | In the paper, a non-parametric regression method is used to compare the transition process from high to low inflation with the implementation dates of central bank (hereafter as: c-b.) independence (here as: indpd.) reforms. Price stability (as: p-s.) is in most countries achieved before more indpd. is given to the c-b. Furthermore, for those countries having implemented a c-b. indpd. reform under a high inflation regime, there is no evidence found of these reforms having actually led to p-s. This suggests that the credibility of a low inflation goal can be achieved without institutional reforms granting the c-b. more indpd. from the political policy makers. |
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