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Central bank independence and sacrifice ratios

  • Andreas Fischer

Do countries with independent central banks enjoy lower output costs during disinflation? Credibility should allow independent central banks to adjust quicker and thereby suffer lower output costs. The objective of this study is to test the credibility hypothesis that countries with independent central banks suffer lower output losses over a disinflationary cycle than do countries with less independent central banks. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF01886126
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Article provided by Springer in its journal Open Economies Review.

Volume (Year): 7 (1996)
Issue (Month): 1 (January)
Pages: 5-18

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Handle: RePEc:kap:openec:v:7:y:1996:i:1:p:5-18
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  1. David Romer, 1991. "Openness and inflation: theory and evidence," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
  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. G. K. Shaw, 1988. "Keynesian Economics," Books, Edward Elgar, number 406.
  4. Laurence Ball, 1994. "What Determines the Sacrifice Ratio?," NBER Chapters, in: Monetary Policy, pages 155-193 National Bureau of Economic Research, Inc.
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