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Do Central Bank Independence Reforms Matter for Inflation Performance?

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  • Landström, Mats

    () (Department of Economics, Umeå University)

Abstract

A difference-in-difference approach was used to investigate whether Central Bank Indepencence (CBI) reforms matter for inflation, based on a novel data set including the possible occurence of such reforms in 132 countries during the period 1980-2003. CBI-reforms are found to have contributed to bringing down high inflation rates where those existed, but they seem unrelated to performance in low-inflation countries.

Suggested Citation

  • Landström, Mats, 2009. "Do Central Bank Independence Reforms Matter for Inflation Performance?," Umeå Economic Studies 791, Umeå University, Department of Economics.
  • Handle: RePEc:hhs:umnees:0791
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    Keywords

    Monetary policy; institutional reforms; central banking; price stability; political economy; delegation;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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