This paper investigates the relationship between trade openness and the sacrifice ratio for 126 countries from 1973 to 2007. The instrumental variable quantile regression method is used to explain heterogeneous impact of openness on sacrifice ratio, where openness is endogenous. Empirical...

Conventional wisdom argues that the relation between central bank independence (CBI) and inflation is negative. However, empirical studies based upon regressing inflation rates on CBI tend to reject this hypothesis and show that there is no negative relationship. This article investigates the...

This paper investigates the relationship between trade openness and inflation for panel data from 1970 to 2007. The results show a negative effect of trade openness on inflation when inflation is higher but no effect when inflation is lower. The negative relationship is stronger along with the...