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Central bank independence and ageing

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  • Farvaque, Etienne
  • Héricourt, Jérôme
  • Lagadec, Gaël

Abstract

We contrast the influence of demography and central bank independence on inflation. The recent demographic trends in developed countries are shown to weight more on inflation than central bank independence, while the contrary stands for the period from 1960 to 1979.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13076.

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Date of creation: 2008
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Handle: RePEc:pra:mprapa:13076

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Keywords: Demography ; Central Bank Independence ; Inflation;

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  1. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, Elsevier, vol. 115(1), pages 53-74, July.
  2. Lindh, Thomas & Malmberg, Bo, 1998. "Age structure and inflation - a Wicksellian interpretation of the OECD data," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 36(1), pages 19-37, July.
  3. Farvaque, Etienne, 2002. "Political determinants of central bank independence," Economics Letters, Elsevier, Elsevier, vol. 77(1), pages 131-135, September.
  4. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, Elsevier, vol. 108(1), pages 1-24, May.
  5. Brumm, Harold J., 2002. "Inflation and Central Bank independence revisited," Economics Letters, Elsevier, Elsevier, vol. 77(2), pages 205-209, October.
  6. Angela Maddaloni & Alberto Musso & Philipp Rother & Melanie Ward-Warmedinger & Thomas Westermann, 2006. "Macroeconomic implications of demographic developments in the euro area," Occasional Paper Series, European Central Bank 51, European Central Bank.
  7. Hayo, Bernd & Hefeker, Carsten, 2002. "Reconsidering central bank independence," European Journal of Political Economy, Elsevier, Elsevier, vol. 18(4), pages 653-674, November.
  8. Maddala, G S & Wu, Shaowen, 1999. " A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 61(0), pages 631-52, Special I.
  9. Peter Pedroni, 2001. "Purchasing Power Parity Tests In Cointegrated Panels," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 83(4), pages 727-731, November.
  10. 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.
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Cited by:
  1. Dumiter, Florin Cornel, 2011. "Estimating the Impact of Central Bank Independence upon Macroeconomic Performance using a Panel Data Model," Journal for Economic Forecasting, Institute for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 106-128, December.
  2. Bernd Hayo & Carsten Hefeker, 2001. "Do We Really Need Central Bank Independence? A Critical Re- examination," Macroeconomics, EconWPA 0103006, EconWPA.
  3. Hayat, Muhammad Azmat & Farvaque, Etienne, 2012. "Public attitudes towards central bank independence: Lessons from the foundation of the ECB," European Journal of Political Economy, Elsevier, Elsevier, vol. 28(4), pages 512-523.

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