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Informal central bank independence: an analysis for three European countries

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Abstract

Changes in formal and informal central bank independence (CBI) in France, Italy and the UK in the period from the mid-1970s to the 1990s are examined; the major changes occurred in the 1990s, after the disinflations of the 1980s. Broad trends in the informal independence of central banks, defined as the ability to pursue price stability regardless of the government’s preferences, are identified on the basis of a monetary policy narrative and an analysis of a set of qualitative determinants of informal independence. The most important determinants are the social/political acceptance that monetary policy is the sphere of the central bank, the existence of antiinflationary commitments in the form of intermediate targets for monetary policy, the degree of social consensus on the means and ends of macroeconomic policy, and the relative technical expertise of the central bank. These broad trends help to explain some of the inflation experience of the 1980s and 1990s which cannot be understood in terms of changes to formal CBI.

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Bibliographic Info

Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number 116.

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Length: 53 pages
Date of creation: 14 Jul 2008
Date of revision: 14 Jul 2008
Handle: RePEc:rtv:ceisrp:116

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Postal: CEIS - Centre for Economic and International Studies - Faculty of Economics - University of Rome "Tor Vergata" - Via Columbia, 2 00133 Roma
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Keywords: Monetary policy; central bank independence; inflation;

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References

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  1. Eijffinger, S.C.W. & Geraats, P.M., 2004. "How Transparent Are Central Banks?," Cambridge Working Papers in Economics 0411, Faculty of Economics, University of Cambridge.
  2. Eijffinger, S.C.W. & Schaling, E. & Hoeberichts, M.M., 1997. "Central Bank independence: A sensitivity analysis," Discussion Paper, Tilburg University, Center for Economic Research 1997-10, Tilburg University, Center for Economic Research.
  3. Eijffinger, S.C.W. & Schaling, E., 1992. "Central bank independence: Criteria and indices," Research Memorandum, Tilburg University, Faculty of Economics and Business Administration 548, Tilburg University, Faculty of Economics and Business Administration.
  4. Masciandaro, Donato & Spinelli, Franco, 1994. "Central Banks' Independence: Institutional Determinants, Rankings and Central Bankers' Views," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(4), pages 434-43, November.
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Cited by:
  1. Cobham, David, 2012. "The past, present and future of central banking," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2012-50, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. King Banaian, 2007. "Measuring Central Bank Independence: Ordering, Ranking, or Scoring?," Working Papers, Saint Cloud State University, Department of Economics 2008-3 Classification-E58, Saint Cloud State University, Department of Economics, revised 28 Feb 2008.
  3. Poomjai Nacaskul & Kritchaya Janjaroen & Suparit Suwanik, 2012. "Economic Rationales for Central Banking: Historical Evolution, Policy Space, Institutional Integrity, and Paradigm Challenges," Working Papers 2012-04, Economic Research Department, Bank of Thailand.

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