Scandinavian Working Papers in Economics

Umeå Economic Studies,
Umeå University, Department of Economics

No 868: Central Bank Independence and the Price-Output-Variability Trade-off

Mats Landström ()
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Mats Landström: School of Technology and Business Studies, Postal: Dalarna University, SE-791 88 Falun, Sweden

Abstract: Data on central bank independence (CBI) and implementation dates of CBI-reforms were used to investigate the relationship between CBI and a possible trade-off between inflation variability and output variability. No such trade-off was found, but there might still be stabilization gains from CBI-reform.

Keywords: price stability; output stability; monetary policy; Taylor curve; inflation

JEL-codes: E52; E58

30 pages, November 19, 2013

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