Central Bank independence
AbstractIn this paper we present the key aspects regarding central bank’s independence. Most economists consider that the factor which positively influences the efficiency of monetary policy measures is the high independence of the central bank. We determined that the National Bank of Romania (NBR) has a high degree of independence. NBR has both goal and instrument independence. We also consider that the hike of NBR’s independence played an important role in the significant disinflation process, as headline inflation dropped inside the targeted band of 3% � 1 percentage point recently.
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Bibliographic InfoArticle provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.
Volume (Year): XVIII(2012) (2012)
Issue (Month): 8(573) (August)
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central bank independence; monetary policy; Great Moderation; inflation; output.;
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