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An Empirical Observation on Central Bank Independence and Real Output

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  • Thomas Jordan

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    Abstract

    This note reviews the relation between central bank independence and real output for the 1970s and 1980s. A new statistic, based on the total amount of real output available in a decade, is proposed in order to broaden the analysis of the impact of central bank independence on real output. The results show that, although there is no correlation between central bank independence and average growth, central bank independence had a significantly negative impact on the sum of real output during the 1980s. For the 1970s, central bank independence had no influence on the total quantity of real output. Copyright Kluwer Academic Publishers 1998

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    File URL: http://hdl.handle.net/10.1023/A:1008264616980
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    Bibliographic Info

    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 9 (1998)
    Issue (Month): 3 (July)
    Pages: 221-227

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    Handle: RePEc:kap:openec:v:9:y:1998:i:3:p:221-227

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    Web page: http://www.springerlink.com/link.asp?id=100323

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    Keywords: central bank independence; real output;

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    1. Laurence Ball, 1993. "What Determines the Sacrifice Ratio?," NBER Working Papers 4306, National Bureau of Economic Research, Inc.
    2. 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.
    3. Eijffinger, S.C.W. & Schaling, E., 1992. "Central bank independence: Criteria and indices," Research Memorandum 548, Tilburg University, Faculty of Economics and Business Administration.
    4. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May.
    5. Carl E. Walsh, 1994. "Is there a cost to having an independent central bank?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue feb4.
    6. Andreas Fischer, 1996. "Central bank independence and sacrifice ratios," Open Economies Review, Springer, vol. 7(1), pages 5-18, January.
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