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The Economics of Central Banking

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  • Cukierman, A.

    (Tilburg University, School of Economics and Management)

Abstract

Since 1989 twenty five countries in different parts of the world have substantially upgraded the legal independence of their central bank's. This trend is particularly remarkable in view of the fact that during the preceding forty years changes in central bank (CB) legislation were relatively rare. In parallel there has been a remarkable upsurge in both theoretical and empirical research on the meaning of central bank independence (CBI), its measurement, the interaction between government and the CB, the effect of CBI on the performance of the economy, the design of optimal contracts for central bankers, the functionning of nominal targets, and the deeper determinants of CBI. This paper is a broad survey of recent development in this rapidly growin area.
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Suggested Citation

  • Cukierman, A., 1996. "The Economics of Central Banking," Other publications TiSEM e8f7a23c-1058-4c68-b6b5-d, Tilburg University, School of Economics and Management.
  • Handle: RePEc:tiu:tiutis:e8f7a23c-1058-4c68-b6b5-dcbe0499d1bd
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    Cited by:

    1. M. Demertzis, 2001. "Low inflation at no cost? A numerical simulations exercise," DNB Staff Reports (discontinued) 72, Netherlands Central Bank.
    2. Helge Berger & Ulrich Woitek, "undated". "Does Conservatism Matter? A Time Series Approach to Central Banking," Working Papers 9814, Business School - Economics, University of Glasgow, revised May 1999.
    3. Francesco Papadia & Gian Ruggiero, 1999. "Central Bank Independence and Budget Constraints for a Stable Euro," Open Economies Review, Springer, vol. 10(1), pages 63-90, February.
    4. Henriëtte Prast & Iman van Lelyveld, 2004. "New Architectures in the Regulation and Supervision of Financial Markets and Institutions: The Netherlands," DNB Working Papers 021, Netherlands Central Bank, Research Department.
    5. Helmut Frisch & Sylvia Staudinger, 2002. "Comparing Different Central Bank Targets," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 29(1), pages 11-30, March.
    6. Demertzis, Maria, 2004. "Central Bank independence: Low inflation at no cost? A numerical simulations exercise," Journal of Macroeconomics, Elsevier, vol. 26(4), pages 661-677, December.
    7. Helmut Wagner & Wolfram Berger, 2003. "Financial Globalization and Monetary Policy," DNB Staff Reports (discontinued) 95, Netherlands Central Bank.
    8. Marek Dabrowski, 1999. "Disinflation, Monetary Policy and Fiscal Constraints. Experience of the Countries in Transition," CASE Network Reports 0016, CASE-Center for Social and Economic Research.
    9. Noha Farrag & Ahmed Kamaly, 2007. "Measuring the Degree of Central Bank Independence in Egypt," Working Papers 4, The German University in Cairo, Faculty of Management Technology.
    10. Athanasios Papadopoulos & Giuseppe Diana & Moise Sidiropoulos, 2005. "Central Bank Reform and Inflation Dynamics in the Transition Economies theory and some evidence," Money Macro and Finance (MMF) Research Group Conference 2005 58, Money Macro and Finance Research Group.
    11. Yannick LUCOTTE, 2009. "Central Bank Independence and Budget Deficits in Developing Countries: New Evidence from Panel Analysis," LEO Working Papers / DR LEO 303, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    12. Mariusz Jarmuzek & Lucjan T. Orlowski & Artur Radziwill, 2004. "Monetary Policy Transparency in Inflation Targeting Countries: the Czech Republic, Hungary and Poland," CASE Network Studies and Analyses 0281, CASE-Center for Social and Economic Research.

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    More about this item

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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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