Unemployment Persistence, Central Bank Independence and Inflation Performance in the OECD Countries

Enrique Alberola, José M. Marqués and Alicia Sanchis
Authors registered in the RePEc Author Service: Jose Manuel Marqués Sevillano ()

Working Papers from Banco de España

Abstract: We test the Barro-Gordon model extended to allow for persistence in unemployment. First, we build an index of central bank independence and measures of persistence, and then we compare them with inflation performance in OECD countries. Our results show, as theory predicts, a robust negative relationship between the degree of independence and the level and variance of inflation.

Keywords: UNEMPLOYMENT; CENTRAL BANKS; INFLATION (search for similar items in EconPapers)
JEL-codes: E24 E31 E58 (search for similar items in EconPapers)
Pages: 35 pages
Date: 1997
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9725

Access Statistics for this paper

More papers in Working Papers from Banco de España Contact information at EDIRC.
Bibliographic data for series maintained by Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España ().