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Discussion Paper Details

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Title: Central Bank Independence: An Update of Theory and Evidence

Author(s): Helge Berger, Jakob de Haan and Sylvester C W Eijffinger

Publication Date: January 2000

Keyword(s): Central Bank Independence and Conservativeness, Inflation Targeting and Optimal Inflation Contracts

Programme Area(s): International Macroeconomics

Abstract: This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, the literature on optimal inflation contracts is discussed, followed by research in which the inflationary bias is endogenized. Finally, the various challenges that have been raised against previous empirical findings on CBI are reviewed. We conclude that the negative relationship between CBI and inflation is quite robust.

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Bibliographic Reference

Berger, H, de Haan, J and Eijffinger, S. 2000. 'Central Bank Independence: An Update of Theory and Evidence'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=2353