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Inflation And Central Bank Independence: A Meta‐Regression Analysis

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  • Jeroen Klomp
  • Jakob De Haan

Abstract

Using 59 studies, we perform a meta‐regression analysis of studies examining the relationship between inflation and central bank independence (CBI). The studies considered are very different with respect to the CBI indicator used, the sample of countries and time periods covered, model specification, estimators used and publication outlet. We conclude that there is a significant publication bias. However, we also find a significant genuine effect of CBI on inflation. Differences between studies are not caused by differences in CBI indicators used.

Suggested Citation

  • Jeroen Klomp & Jakob De Haan, 2010. "Inflation And Central Bank Independence: A Meta‐Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 593-621, September.
    • Handle: RePEc:bla:jecsur:v:24:y:2010:i:4:p:593-621
    DOI: 10.1111/j.1467-6419.2009.00597.x
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