Indépendance de la banque centrale et efficacité de la politique économique
[Central bank independence and effectiveness of economic policy]
This paper examines the different interactions that can exist between an independent central bank and the economic policy in a country. The focal point of this survey is based on the « temporal incoherence »problem raised in the years 1970 by Prescott and Kydland. These two authors arrived to the conclusion that, the separation between public authorities and monetary authorities would guarantee an economic stability. The rush observed since some years of the central banks toward the independence vis-`a-vis of public authorities contributed to carry a decisive stroke to the economic policy’s efficiency thus.
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- 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.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
- Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
- Cukierman, Alex & Webb, Steven B, 1995.
"Political Influence on the Central Bank: International Evidence,"
World Bank Economic Review,
World Bank Group, vol. 9(3), pages 397-423, September.
- Alex Cukierman & Steven Webb, 1995. "Political Influence on the Central Bank- International Evidence," University of Chicago - George G. Stigler Center for Study of Economy and State 114, Chicago - Center for Study of Economy and State.
- Cukierman, A. & Webb, S., 1994. "Political Influence on the Central Bank : International Evidence," Discussion Paper 1994-100, Tilburg University, Center for Economic Research.
- Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May.
- Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-98, September.
- Agnès Bénassy-Quéré & Jean Pisani-Ferry, 1994. "Indépendance de la banque centrale et politique budgétaire," Working Papers 1994-02, CEPII research center.
- Alex Cukierman, 1993. "Central Bank Independence, Political Influence and Macroeconomic Performance: a Survey of Recent Development," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 30(91), pages 271-292.
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