improved monetary performance: 1) there is no long-run tradeoff between output (employment) and inflation; 2) expectations are … critical to monetary policy outcomes; 3) inflation has high costs; 4) monetary policy is subject to the time …

-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 …

shows not only that greater independence is associated with lower inflation, but also that the central bank's rights not to … finance the government and to set interest rates independently increase its effectiveness. The role of inflation targeting and … the distinction between price level and inflation targeting are also analyzed …

-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 …