Do Central Bank Independence Reforms Matter for Inflation Performance?

Mats Landström ()
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Mats Landström: Department of Economics, Umeå University, Postal: Department of Economics, Umeå University, S 901 87 Umeå, Sweden

No 791, Umeå Economic Studies from Umeå University, Department of Economics

Abstract: A difference-in-difference approach was used to investigate whether Central Bank Indepencence (CBI) reforms matter for inflation, based on a novel data set including the possible occurence of such reforms in 132 countries during the period 1980-2003. CBI-reforms are found to have contributed to bringing down high inflation rates where those existed, but they seem unrelated to performance in low-inflation countries.

Keywords: Monetary policy; institutional reforms; central banking; price stability; political economy; delegation (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009-11-27
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:umnees:0791

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