After the Deutsche Bundesbank was established as Germany’s central bank in 1957, a high degree of independence soon became its signature feature. Interestingly, the German obsession with central bank independence (CBI) did not resonate with academics and practitioners in other countries until...

This article extends the inspection of Central Bank Independence (CBI) with respect to inflation performance to an examination of the relationship between CBI and economic welfare in general. The common view of monetary neutrality, i.e. a “free lunch” of CBI with respect to economic growth...

This paper presents a novel theoretical and empirical approach to the analysis of long-run economic growth. It shows that most traditional theoretical models share the feature of pair-wise cointegration among the main variables. An augmented Kaldor model is proposed in contrast to the standard...