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Central bank independence and sacrifice ratios

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  • Andreas Fischer

Abstract

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

Suggested Citation

  • Andreas Fischer, 1996. "Central bank independence and sacrifice ratios," Open Economies Review, Springer, vol. 7(1), pages 5-18, January.
    • Handle: RePEc:kap:openec:v:7:y:1996:i:1:p:5-18
    DOI: 10.1007/BF01886126
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    References listed on IDEAS

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    1. 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.
    2. Helge Berger & Jakob De Haan & Sylvester C.W. Eijffinger, 2001. "Central Bank Independence: An Update of Theory and Evidence," Journal of Economic Surveys, Wiley Blackwell, vol. 15(1), pages 3-40, February.
    3. Laurence Ball, 1994. "What Determines the Sacrifice Ratio?," NBER Chapters, in: Monetary Policy, pages 155-193, National Bureau of Economic Research, Inc.
    4. David Romer, 1993. "Openness and Inflation: Theory and Evidence," The Quarterly Journal of Economics, Oxford University Press, vol. 108(4), pages 869-903.
    5. G. K. Shaw, 1988. "Keynesian Economics," Books, Edward Elgar Publishing, number 406.
    6. Carl E. Walsh, 1994. "Central bank independence and the costs of disinflation in the EC," Working Papers in Applied Economic Theory 94-04, Federal Reserve Bank of San Francisco.
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