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Openness, Central Bank Independence, and the Sacrifice Ratio

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Author Info
Daniels, Joseph P
Nourzad, Farrokh
Vanhoose, David D

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Abstract

Traditional explanations of the negative correlation between openness and inflation presume that an inverse relationship between the degree of openness and the sacrifice ratio reduces the inflation bias of discretionary monetary policy. Temple (2002) concludes, however, that such a relationship fails to emerge in cross-country data. Our analysis of the same cross-country data considered by Temple indicates that once the degree of central bank independence and its interaction with greater openness is considered, there is an unambiguous positive relationship between openness and the sacrifice ratio. In addition, increased openness lessens the positive effect of central bank independence on the sacrifice ratio.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 37 (2005)
Issue (Month): 2 (April)
Pages: 371-79
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Handle: RePEc:mcb:jmoncb:v:37:y:2005:i:2:p:371-79

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Joseph Daniels & David VanHoose, 2009. "Trade Openness, Capital Mobility, and the Sacrifice Ratio," Open Economies Review, Springer, vol. 20(4), pages 473-487, September. [Downloadable!] (restricted)
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  2. Paul Cavelaars, 2005. "Globalisation and Monetary Policy," DNB Working Papers 048, Netherlands Central Bank, Research Department. [Downloadable!]
  3. Marcello D'Amato & Barbara Pistoresi & Francesco Salsano, 2009. "On the determinants of Central Bank independence in open economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(2), pages 107-119. [Downloadable!]
  4. Assaf Razin & Prakash Loungani, 2005. "Globalization and Inflation-Output Tradeoffs," NBER Working Papers 11641, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Harald Badinger, . "Globalization,the Output-Inflation Tradeoff, and Inflation," FIW Working Paper series 010, FIW. [Downloadable!]
  6. Christopher Bowdler, 2005. "Openness, exchange rate regimes and the Phillips curve," Economics Papers 2005-W25, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
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  7. Oliver Pamp, 2004. "Partisan Preferences and Political Institutions: Explaining Fiscal Retrenchment in the European Union," Eastward Enlargement of the Euro-zone Working Papers wp24, Free University Berlin, Jean Monnet Centre of Excellence, revised 15 Oct 2004. [Downloadable!]
  8. Charles Bean, 2006. "Impact of globalization on monetary policy : commentary," Proceedings, Federal Reserve Bank of Kansas City, pages 307-313. [Downloadable!]
  9. Gaiotti, Eugenio, 2008. "Has globalisation changed the Phillips curve? Firm-level evidence on the effect of activity on prices," MPRA Paper 8389, University Library of Munich, Germany. [Downloadable!]
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  10. Joseph P. Daniels & David D. VanHoose, 2007. "Openness, Income-Tax Progressivity, and Inflation," Working Papers and Research 0704, Marquette University, Department of Economics. [Downloadable!]
    Other versions:
  11. Andrew Pickering & Hector Valle, 2008. "Openness, imported commodities and the Phillips Curve," Bristol Economics Discussion Papers 08/608, Department of Economics, University of Bristol, UK. [Downloadable!]
  12. Coffinet, J. & Matheron, J. & Poilly , C., 2007. "Une évaluation structurelle du ratio de sacrifice dans la zone euro," Documents de Travail 163, Banque de France. [Downloadable!]
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