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Central Bank Credibility, Independence, and Monetary Policy

Author

Listed:
  • Abdelkader Aguir

    (BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

The main motives behind the adoption of an inflation targeting regime largely relate to the notion of credibility, transparency of monetary policy and the autonomy of the central bank, which explicitly undertakes to achieve a certain inflation target. This paper examines the effects of inflation targeting in emerging economies in relation to the degree of independence of the central bank and the credibility of monetary policy. We find effects in emerging economies with little central bank independence, so our findings suggest that the central bank's credibility, transparency and independence is a prerequisite for emerging economies to experience a decline in inflation following the adoption of inflation targeting.

Suggested Citation

  • Abdelkader Aguir, 2018. "Central Bank Credibility, Independence, and Monetary Policy," Post-Print hal-03791265, HAL.
    • Handle: RePEc:hal:journl:hal-03791265
    DOI: 10.2478/jcbtp-2018-0025
    as

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