Central Bank Independence: Metrics and Empirics
103 Pages Posted: 5 Jan 2021 Last revised: 11 Jan 2021
Date Written: December 24, 2020
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
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