The search for a relationship between central bank laws and monetary policy outcomes, which began three decades ago, is part of a larger enterprise to discover the monetary policy framework that delivers the best macroeconomic performance. A 'monetary policy framework' is a set of institutional...

Does a central bank that is independent of political influence deliver a better macroeconomic performance than one that implements monetary policy decisions taken by government? Does an inflation targeting agreement between central bank and government improve macroeconomic performance? And does...