In this paper, the Levine-Renelt robustness test is employed to examine the robustness of the empirical relationship between growth and various proxies for central bank independence. Experiments are made with a wide variety of the most comprehensive systematic measures of central bank...

This paper combines the conventional monetary policy game with a wage-setting game among several noncooperating wage setters (each with some monopoly power). The inflationary bias in market economies is explained in terms of the wage-competition bias. This bias does not disappear even when the...