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Measuring Effective Monetary Policy Conservatism
Berlemann, Michael; Hielscher, Kai - Fächergruppe Volkswirtschaftslehre, Helmut Schmidt … - 2009
combinations of central bank independence and conservatism. Most of the existing empirical studies concentrate on measuring legal … or factual central bank independence thereby neglecting the degree of conservatism of the monetary authorities. In this … paper we show how a joint empirical measure of central bank independence and conservatism can be derived from factual …
Persistent link: https://www.econbiz.de/10005091365
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Central Bank Independence and Inflation: The case of Greece
Panagiotidis, Theodore; Triampella, Afrodit - School of Business and Economics, Loughborough University - 2005
This paper investigates the argument for Central Bank Independence (CBI) in the case of Greece. Using a time series approach and the last data available before Greece joined the EMU, the hypothesis that central bank independence is important for controlling inflation is examined. Employing two...
Persistent link: https://www.econbiz.de/10005125107
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Dynamic central bank independence indices and inflation rate: A new empirical exploration
Arnone, Marco; Romelli, Davide - In: Journal of Financial Stability 9 (2013) 3, pp. 385-398
It has been argued that economies with more independent central banks experience lower inflation over time. In this paper we show that this relationship is sensitive to the methodology through which central bank independence indices are constructed. We stress the importance of employing dynamic...
Persistent link: https://www.econbiz.de/10010735829
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Does greater central bank independence really lead to lower inflation? Evidence from panel data
Posso, Alberto; Tawadros, George B. - In: Economic Modelling 33 (2013) C, pp. 244-247
It has long been held that central bank independence (CBI) from political control is a necessary requirement to curb inflation. In recent times, however, this long held belief has been challenged. Using a recently compiled panel data set on central bank independence measures, the proposition...
Persistent link: https://www.econbiz.de/10010737956
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Building an institutional framework for monetary stability: the case of Italy (1979-1994)
PASSACANTANDO, F. - In: BNL Quarterly Review 49 (1996) 196, pp. 83-132
Italy's monetary regime has experienced significant developments from 1979 to 1994. The independence of the central bank from the government was strengthened by several reforms. The period under review is characterised by monetary policy consistent with the Italian government's inflation targets...
Persistent link: https://www.econbiz.de/10010765194
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Building an institutional framework for monetary stability: the case of Italy (1979-1994)
PASSACANTANDO, F. - In: Banca Nazionale del Lavoro Quarterly Review 49 (1996) 196, pp. 83-132
Italy's monetary regime has experienced significant developments from 1979 to 1994. The independence of the central bank from the government was strengthened by several reforms. The period under review is characterised by monetary policy consistent with the Italian government's inflation targets...
Persistent link: https://www.econbiz.de/10010765237
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Turkiye Cumhuriyet Merkez Bankasi Bagimsizligi Enflasyonist Etki Yaratir mi?
Dogru, Bulent - In: Istanbul University Econometrics and Statistics e-Journal 18 (2013) 1, pp. 35-55
In this study, the disinflationary effects of central bank independence of the Central Bank of Turkey (CBT) on inflation is examined within the framework of the co-integration analysis and Vector Error Correction (VECM) for the time period 1990: Q1 - 2012: Q4. According to the findings of the...
Persistent link: https://www.econbiz.de/10010699564
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Why should central banks be independent?
Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2007
Most explanations for the necessity of an independent central bank rely on the time-inconsistency model and therefore assume that governments are weak, foolish, or untruthful and tend to cheat people. The model in this paper indicates, however, that an independent central bank is not necessary...
Persistent link: https://www.econbiz.de/10005790152
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The Effects of Fiscal and Monetary Discipline on Budgetary Outcomes : The Case of the European Union
Neyapti, Bilin; Ozgur, Secil - İktisat Bölümü, Bilkent Üniversitesi - 1999
Persistent link: https://www.econbiz.de/10011211353
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The Effects of Fiscal and Monetary Discipline on Budgetary Outcomes : The Case of the European Union
Neyaptý, Bilin; Ozgur, Secil - İktisat Bölümü, Bilkent Üniversitesi - 1999
Persistent link: https://www.econbiz.de/10005812780