Determinants of Central Bank Independence: a Random Forest Approach

Maddalena Cavicchioli, Angeliki Papana (agpapana@auth.gr), Ariadni Papana Dagiasis (a.papanadagiasis@csuohio.edu) and Barbara Pistoresi (barbara.pistoresi@unimore.it)

Center for Economic Research (RECent) from University of Modena and Reggio E., Dept. of Economics "Marco Biagi"

Abstract: In this paper we implement an efficient non-parametric statistical method, Random survival forests, for the selection of the determinants of Central Bank Independence (CBI) among a large database of political and economic variables for OECD countries. This statistical technique enables us to overcome omitted variables and over omitting problems. It turns out that the economic variables are major determinants compared to the political ones and linear and nonlinear effects of chosen predictors on CBI are found.

Keywords: Central bank independence; political and economic determinants; Random survival forests (search for similar items in EconPapers)
JEL-codes: C82 E58 (search for similar items in EconPapers)
Pages: pages 11
Date: 2016-05
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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