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Unemployment Persistence, Central Bank Independence and Inflation Performance in the OECD Countries

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  • Enrique Alberola
  • José M. Marqués
  • Alicia Sanchis

Abstract

We test the Barro-Gordon model extended to allow for persistence in unemployment. First, we build an index of central bank independence and measures of persistence, and then we compare them with inflation performance in OECD countries. Our results show, as theory predicts, a robust negative relationship between the degree of independence and the level and variance of inflation.

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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9725.

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Length: 35 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:bde:wpaper:9725

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Related research

Keywords: UNEMPLOYMENT ; CENTRAL BANKS ; INFLATION;

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