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Inflation and Central Bank Independence: Is Japan Really an Outlier?

  • Walsh, Carl-E

    (U CA, Santa Cruz)

The Bank of Japan has often been viewed as an outlier in combining low inflation with little formal central bank independence. This view has been based mainly on simple correlations between average inflation and measures of central bank independence. When additional factors that might account for cross-country variation in inflation rates are incorporated into the empirical analysis, Japan no longer appears to be a significant outlier. Since reputational considerations may have played a role in supporting a low-inflation environment in Japan, a simple model is used to show how increased political competition might affect equilibrium inflation.

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File URL: http://www.imes.boj.or.jp/research/papers/english/me15-1-4.pdf
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Article provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.

Volume (Year): 15 (1997)
Issue (Month): 1 (May)
Pages: 89-117

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Handle: RePEc:ime:imemes:v:15:y:1997:i:1:p:89-117
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  1. Eijffinger, S. & van Rool, M. & Schaling, E., 1994. "Central Bank Independence: A Panel Data Approach," Papers 9493, Tilburg - Center for Economic Research.
  2. 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.
  3. Froyen, Richard T. & Waud, Roger N., 1995. "Central bank independence and the output-inflation tradeoff," Journal of Economics and Business, Elsevier, vol. 47(2), pages 137-149, May.
  4. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
  5. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
  6. Andreas Fischer, 1996. "Central bank independence and sacrifice ratios," Open Economies Review, Springer, vol. 7(1), pages 5-18, January.
  7. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May.
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