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What really matters: conservativeness or independence?

Jakob de Haan () and W. Kooi
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W. Kooi: University of Groningen

Banca Nazionale del Lavoro Quarterly Review, 1997, vol. 50, issue 200, 23-38

Abstract: Contemporary views often support the idea that a high level of central bank independence, together with a clear mandate for it to restrain inflation, are important institutional devices for maintaining price stability. The meaning and policy implications of central bank independence are discussed. Two indicators of central bank independence are tested, and it is shown that 'instrument independence' (the freedom of a central bank to choose its policy means) is important for inflation performance, but other aspects of central bank independence and 'conservativeness' have little or no impact on inflation.

Keywords: Financial; Systems; and; central; banks (search for similar items in EconPapers)
JEL-codes: E58 G20 (search for similar items in EconPapers)
Date: 1997
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