Inflation and Central Bank Independence: A Meta-Regression Analysis

29 Pages Posted: 17 Aug 2010

See all articles by Jeroen Klomp

Jeroen Klomp

University of Groningen

Jakob de Haan

University of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute)

Abstract

Using 59 studies, we perform a meta-regression analysis of studies examining the relationship between inflation and central bank independence (CBI). The studies considered are very different with respect to the CBI indicator used, the sample of countries and time periods covered, model specification, estimators used and publication outlet. We conclude that there is a significant publication bias. However, we also find a significant genuine effect of CBI on inflation. Differences between studies are not caused by differences in CBI indicators used.

Suggested Citation

Klomp, Jeroen and de Haan, Jakob, Inflation and Central Bank Independence: A Meta-Regression Analysis. Journal of Economic Surveys, Vol. 24, Issue 4, pp. 593-621, September 2010. Available at SSRN: https://ssrn.com/abstract=1660104 or http://dx.doi.org/10.1111/j.1467-6419.2009.00597.x

Jeroen Klomp

University of Groningen ( email )

P.O. Box 800
9700 AH Groningen, Groningen 9700 AV
Netherlands

Jakob de Haan

University of Groningen - Faculty of Economics and Business ( email )

PO Box 800
Groningen, 9700 AV
Netherlands
+31 0 50 3633706 (Fax)

De Nederlandsche Bank ( email )

P.O. Box 98
Amsterdam, 1000 AB
Netherlands

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

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