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The Economics of Central Banking

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  • Cukierman, A.

    (Tilburg University, Center for Economic Research)

Abstract

Since 1989 twenty five countries in different parts of the world have substantially upgraded the legal independence of their central bank's. This trend is particularly remarkable in view of the fact that during the preceding forty years changes in central bank (CB) legislation were relatively rare. In parallel there has been a remarkable upsurge in both theoretical and empirical research on the meaning of central bank independence (CBI), its measurement, the interaction between government and the CB, the effect of CBI on the performance of the economy, the design of optimal contracts for central bankers, the functionning of nominal targets, and the deeper determinants of CBI. This paper is a broad survey of recent development in this rapidly growin area.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1996-31.

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Date of creation: 1996
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Handle: RePEc:dgr:kubcen:199631

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Keywords: central banks; banking;

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References

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  1. Svensson, Lars E O, 1995. "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," CEPR Discussion Papers 1249, C.E.P.R. Discussion Papers.
  2. Cukierman, Alex & Webb, Steven B, 1995. "Political Influence on the Central Bank: International Evidence," World Bank Economic Review, World Bank Group, vol. 9(3), pages 397-423, September.
  3. Devereux, Michael, 1987. "The effect of monetary variability on welfare in a simple macroeconomic model," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 427-435, May.
  4. Cukierman, Alex & Kalaitzidakis, Pantelis & Summers, Lawrence H. & Webb, Steven B., 1993. "Central bank independence, growth, investment, and real rates," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 95-140, December.
  5. Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-86, March.
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  7. Eijffinger, S.C.W. & Schaling, E., 1992. "Central bank independence: Criteria and indices," Research Memorandum 548, Tilburg University, Faculty of Economics and Business Administration.
  8. Eijffinger, S.C.W. & Schaling, E., 1995. "The ultimate determinants of central bank independence," Discussion Paper 1995-5, Tilburg University, Center for Economic Research.
  9. Bruno, Michael & Easterly, William, 1995. "Inflation crises and long-run growth," Policy Research Working Paper Series 1517, The World Bank.
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Citations

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Cited by:
  1. Helge Berger & Ulrich Woitek, 1999. "Does Conservatism Matter? A Time Series Approach to Central Banking," CESifo Working Paper Series 190, CESifo Group Munich.
  2. Helmut Frisch & Sylvia Staudinger, 2002. "Comparing Different Central Bank Targets," Empirica, Springer, vol. 29(1), pages 11-30, March.
  3. Cukierman, Alex & Miller, Geoffrey P. & Neyapti, Bilin, 2002. "Central bank reform, liberalization and inflation in transition economies--an international perspective," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 237-264, March.
  4. Demertzis, Maria, 2004. "Central Bank independence: Low inflation at no cost? A numerical simulations exercise," Journal of Macroeconomics, Elsevier, vol. 26(4), pages 661-677, December.
  5. Andrea Gerali & Francesco Lippi, 2002. "On the 'conquest' of inflation," Temi di discussione (Economic working papers) 444, Bank of Italy, Economic Research and International Relations Area.
  6. Mariusz Jarmuzek & Lucjan T. Orlowski & Artur Radziwill, 2004. "Monetary Policy Transparency in Inflation Targeting Countries: the Czech Republic, Hungary and Poland," CASE Network Studies and Analyses 0281, CASE-Center for Social and Economic Research.
  7. M. Demertzis, 2001. "Low inflation at no cost? A numerical simulations exercise," DNB Staff Reports (discontinued) 72, Netherlands Central Bank.
  8. Athanasios Papadopoulos & Giuseppe Diana & Moise Sidiropoulos, 2005. "Central Bank Reform and Inflation Dynamics in the Transition Economies theory and some evidence," Money Macro and Finance (MMF) Research Group Conference 2005 58, Money Macro and Finance Research Group.
  9. Cukierman, Alex & Gerlach, Stefan, 2003. "The Inflation Bias Revisited: Theory and Some International Evidence," CEPR Discussion Papers 3761, C.E.P.R. Discussion Papers.
  10. Francesco Papadia & Gian Ruggiero, 1999. "Central Bank Independence and Budget Constraints for a Stable Euro," Open Economies Review, Springer, vol. 10(1), pages 63-90, February.
  11. Noha Farrag & Ahmed Kamaly, 2007. "Measuring the Degree of Central Bank Independence in Egypt," Working Papers 4, The German University in Cairo, Faculty of Management Technology.

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