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Central Bank Independence and Inflation: Corporatism, Partisanship, and Alternative Indices of Central Bank Independence

  • Oatley, Thomas
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    A well-developed theoretical literature suggests that central bank independence causes low inflation. Empirical work supporting this hypothesis is unsatisfactory, however, for two reasons: statistical analysis has only recently begun to include control variables, and important political variables that are related to inflation have not yet been included; analysis has not yet undertaken a systematic comparison of alternative indices of central bank independence. This paper addresses both weaknesses by testing the explanatory power of eight indices of central bank independence in a political-economic model of inflation. The results suggest that while support for the central bank independence hypothesis survives a relatively inclusive set of control variables, support for the hypothesis is not independent of the particular index upon which analysis relies. Copyright 1999 by Kluwer Academic Publishers

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    Article provided by Springer in its journal Public Choice.

    Volume (Year): 98 (1999)
    Issue (Month): 3-4 (March)
    Pages: 399-413

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    Handle: RePEc:kap:pubcho:v:98:y:1999:i:3-4:p:399-413
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