Central Bank Independence and Output Variability

Mark Crosby ()

Working Papers from New South Wales - School of Economics

Abstract: The paper is structured as following in section a simple theoretical model is outlined, and it is found that an independent central bank should reduce (or eliminate) the inflation bias, but should increase output variability. in the following section empirical evidence consistent with the ida that countries which have smaller real shocks are more likely to choose an independent central bank is presented. The conclusion offers comments and suggestions fro further research.

Keywords: CENTRAL BANKS; INFLATION (search for similar items in EconPapers)
JEL-codes: E58 E65 (search for similar items in EconPapers)
Date: 1996

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Journal Article: Central bank independence and output variability (1998)
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Persistent link: http://EconPapers.repec.org/RePEc:fth:nesowa:96/20

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