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Central Bank Independence and the Cost of Disinflation: Why the Wage Contracts Length Matters?

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  • Giuseppe Diana

    ()

  • MoÏse Sidiropoulos

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File URL: http://hdl.handle.net/10.1007/s11294-006-9017-3
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Bibliographic Info

Article provided by International Atlantic Economic Society in its journal International Advances in Economic Research.

Volume (Year): 12 (2006)
Issue (Month): 3 (August)
Pages: 287-297

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Handle: RePEc:kap:iaecre:v:12:y:2006:i:3:p:287-297

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Keywords: E52; E58;

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References

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  1. Jeffrey C. Fuhrer, 1994. "Goals, guidelines, and constraints facing monetary policymakers: an overview," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-15.
  2. Laurence Ball, 1993. "What determines the sacrifice ratio?," Working Papers 93-21, Federal Reserve Bank of Philadelphia.
  3. Devereux, Michael, 1987. "The effect of monetary variability on welfare in a simple macroeconomic model," Journal of Monetary Economics, Elsevier, Elsevier, vol. 19(3), pages 427-435, May.
  4. Posen, Adam, 1998. "Central Bank Independence and Disinflationary Credibility: A Missing Link?," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 335-59, July.
  5. Fischer, Stanley, 1983. "Indexing and inflation," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(4), pages 519-541, November.
  6. W. Wascher & Palle S. Andersen, 1999. "Sacrifice ratios and the conduct of monetary policy in conditions of low inflation," BIS Working Papers 82, Bank for International Settlements.
  7. Fischer, Stanley & Summers, Lawrence H, 1989. "Should Governments Learn to Live with Inflation?," American Economic Review, American Economic Association, vol. 79(2), pages 382-87, May.
  8. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 25(2), pages 151-62, May.
  9. Harold Brumm & Richard Krashevski, 2003. "The Sacrifice Ratio and Central Bank Independence Revisited," Open Economies Review, Springer, Springer, vol. 14(2), pages 157-168, April.
  10. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 100(4), pages 1169-89, November.
  11. Gray, Jo Anna, 1976. "Wage indexation: A macroeconomic approach," Journal of Monetary Economics, Elsevier, Elsevier, vol. 2(2), pages 221-235, April.
  12. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(1), pages 101-121.
  13. Guy Debelle & Stanley Fischer, 1994. "How independent should a central bank be?," Working Papers in Applied Economic Theory 94-05, Federal Reserve Bank of San Francisco.
  14. Andreas Fischer, 1996. "Central bank independence and sacrifice ratios," Open Economies Review, Springer, Springer, vol. 7(1), pages 5-18, January.
  15. Dai, Meixing & Sidiropoulos, Moïse, 2008. "Central bank's conservativeness and transparency," Research in Economics, Elsevier, Elsevier, vol. 62(4), pages 179-187, December.
  16. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(3), pages 473-91, June.
  17. Ernst Baltensperger & Peter Kugler, 2000. "Central Bank Independence and Sacrifice Ratios: Some Further Considerations," Open Economies Review, Springer, Springer, vol. 11(2), pages 111-125, April.
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Cited by:
  1. Down Ian, 2009. "Central Bank Independence, Disinflations and Monetary Policy," Business and Politics, De Gruyter, vol. 10(3), pages 1-22, January.
  2. Peter Howells, 2009. "Independent Central Banks: Some theoretical and empirical problems?," Working Papers 0908, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.

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