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The Anti Inflationary Influence of Corporatist Structures and Central Bank Independence: The Importance of the Hump Shaped Hypothesis

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  • Al-Marhubi, Fahim
  • Willett, Thomas D

Abstract

Many studies have found strong negative correlations between central bank independence and inflation but the casual significance of this relationship is often challenged. The authors find that the negative relationship remains even when a number of other explanatory variables are considered. Special attention is given to the role of corporatism. Following L. Calmfors and J. Driffill (1988) it is argued that both high and low levels of centralization should be associated with lower inflation. The authors present empirical support for this hump-shaped hypothesis and find that the inclusion of corporatism does not diminish the significance of central bank independence. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Al-Marhubi, Fahim & Willett, Thomas D, 1995. "The Anti Inflationary Influence of Corporatist Structures and Central Bank Independence: The Importance of the Hump Shaped Hypothesis," Public Choice, Springer, vol. 84(1-2), pages 153-162, July.
    • Handle: RePEc:kap:pubcho:v:84:y:1995:i:1-2:p:153-62
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    Citations

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    Cited by:

    1. Abel M. Agoba, 2021. "Minimising the inflationary impact of fiscal deficits in Africa: The role of monetary, financial and political institutions," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 724-740, January.
    2. Moser, Peter, 1999. "Checks and balances, and the supply of central bank independence," European Economic Review, Elsevier, vol. 43(8), pages 1569-1593, August.
    3. Daniels, Joseph P. & Nourzad, Farrokh & VanHoose, David D., 2006. "Openness, centralized wage bargaining, and inflation," European Journal of Political Economy, Elsevier, vol. 22(4), pages 969-988, December.
    4. Hein, Eckhard, 2001. "Institutions and Macroeconomic Performance: Central Bank Independence, Labour Market Institutions and the Perspectives for Inflation and Employment in the European Monetary Union," MPRA Paper 18880, University Library of Munich, Germany.
    5. Hein, Eckhard, 1999. "Zentralbank-Politik und makroökonomische Ergebnisse: eine sozio-institutionelle Interpretation [Central Bank Policies and Macroeconomic Results: A Socio-institutional Interpretation]," MPRA Paper 18881, University Library of Munich, Germany.
    6. J. De Haan & W. Kooi, 1997. "What really matters: conservativeness or independence?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 50(200), pages 23-38.
    7. Eva Gutiérrez, 2004. "Inflation Performance and Constitutional Central Bank Independence. Evidence from Latin America and the Caribbean," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(2), pages 255-287, July-Dece.
    8. Jeroen Klomp & Jakob De Haan, 2010. "Inflation And Central Bank Independence: A Meta‐Regression Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 593-621, September.
    9. Athanasios Anastasiou, 2009. "Central Bank Independence and Economic Performance," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 3(1), pages 123-156, June.
    10. Robert Franzese, 2001. "Strategic Interactions of Monetary Policymakers and Wage/Price Bargainers: A Review with Implications for the European Common-Currency Area," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 28(4), pages 457-486, December.
    11. Kim, Iljoong & Kim, Inbae, 2011. "A Macro-economic Consequence of the Central Bank's Reserve Fund: A Political-economic Perspective," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 52(2), pages 143-163, December.

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