independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country's inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …

restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary …

-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

linked to the monetary policy regime. Before and after the 'Great Inflation', nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the 'Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

excess liquidity reminiscent of the global inflation generated by the weak dollar in the 1970s. …

interaction of the two elements leads to an inflation bias that is independent of the standard time-inconsistency bias. Secondly … correlated with unemployment, but not with inflation in the respective countries. …