Central Bank Independence and the Price-Output-Variability Trade-off

Mats Landström ()
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Mats Landström: School of Technology and Business Studies, Postal: Dalarna University, SE-791 88 Falun, Sweden

No 868, Umeå Economic Studies from Umeå University, Department of Economics

Abstract: Data on central bank independence (CBI) and implementation dates of CBI-reforms were used to investigate the relationship between CBI and a possible trade-off between inflation variability and output variability. No such trade-off was found, but there might still be stabilization gains from CBI-reform.

Keywords: price stability; output stability; monetary policy; Taylor curve; inflation (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2013-11-19
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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