Central Bank Independence: Metrics and Empirics

103 Pages Posted: 5 Jan 2021 Last revised: 11 Jan 2021

See all articles by Donato Masciandaro

Donato Masciandaro

Bocconi University - Department of Economics

Jacopo Magurno

affiliation not provided to SSRN

Romano Tarsia

Bocconi University - BAFFI Center on International Markets, Money, and Regulation

Date Written: December 24, 2020

Abstract

This paper reviews the evolution of the literature on Central Bank Independence (CBI) focusing on its metrics as well as on its empirical association with macroeconomic variables. Part One describes the evolution of the CBI indicators, while Part Two analyses the econometric studies devoted to shed light on the relationships between CBI and macroeconomic performances.

Keywords: Monetary Policy, Central Bank Independence, Inflation, Growth, Sacrifice Ratio, Public Finance, Financial Stability

JEL Classification: E50, E52, E58

Suggested Citation

Masciandaro, Donato and Magurno, Jacopo and Tarsia, Romano, Central Bank Independence: Metrics and Empirics (December 24, 2020). BAFFI CAREFIN Centre Research Paper No. 2021-151, Available at SSRN: https://ssrn.com/abstract=3759586 or http://dx.doi.org/10.2139/ssrn.3759586

Donato Masciandaro (Contact Author)

Bocconi University - Department of Economics ( email )

Via Gobbi 5
Milan, 20136
Italy

Jacopo Magurno

affiliation not provided to SSRN

Romano Tarsia

Bocconi University - BAFFI Center on International Markets, Money, and Regulation ( email )

Milano, 20136
Italy

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