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Central Bank Independence: An Update of Theory and Evidence

Helge Berger
Free University Berlin - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Jakob De Haan
University of Groningen - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Sylvester C. W. Eijffinger
Tilburg University (CentER) - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Centre for Economic Policy Research (CEPR)

February 2000

CESifo Working Paper Series No. 255

Abstract:
This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, the literature on optimal inflation contracts is discussed, followed by research in which the inflationary bias is endogenised. Finally, the various challenges that have been raised against previous empirical findings on CBI are reviewed. We conclude that the negative relationship between CBI and inflation is quite robust.

JEL Classifications: D72, E58

Working Paper Series

Date posted: February 08, 2001 ; Last revised: August 11, 2004

Suggested Citation

Berger, Helge, De Haan, Jakob and Eijffinger, Sylvester C. W., Central Bank Independence: An Update of Theory and Evidence (February 2000). CESifo Working Paper Series No. 255. Available at SSRN: http://ssrn.com/abstract=258970

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Contact Information

Helge Berger (Contact Author) Free University Berlin - Department of Economics ( email ) Boltzmannstr. 20 Berlin 14195 14195 Germany +49 30 838-54037 (Phone) +49 30 838-52782 (Fax) HOME PAGE: http://www.wiwiss.fu-berlin.de/berger/eng_index.htm
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) ( email ) Poschinger Str. 5 DE-81679 Munich Germany +49 89 9224 1266 (Phone) +49 89 9224 1409 (Fax) HOME PAGE: http://www.CESifo.de
Jakob De Haan University of Groningen - Department of Economics ( email ) Postbus 72 9700 AB Groningen Netherlands +31 0 50 3637337 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 DE-81679 Munich Germany HOME PAGE: http://www.CESifo.de
Sylvester C.W. Eijffinger Tilburg University (CentER) - Department of Economics ( email ) P.O. Box 90153 5000 LE Tilburg Netherlands +31 13 466 2411 (Phone) +31 13 466 3042 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 DE-81679 Munich Germany HOME PAGE: http://www.CESifo.de
Centre for Economic Policy Research (CEPR) 90-98 Goswell Road London EC1V 7RR United Kingdom

Abstract

References (117)

Citations (62)

Date posted: February 08, 2001 ; Last revised: August 11, 2004

Suggested Citation

Contact Information

Helge Berger (Contact Author)

Jakob De Haan

Sylvester C.W. Eijffinger