Scandinavian Working Papers in Economics

Umeå Economic Studies,
Umeå University, Department of Economics

No 791: Do Central Bank Independence Reforms Matter for Inflation Performance?

Mats Landström ()
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Mats Landström: Department of Economics, Umeå University, Postal: Department of Economics, Umeå University, S 901 87 Umeå, Sweden

Abstract: A difference-in-difference approach was used to investigate whether Central Bank Indepencence (CBI) reforms matter for inflation, based on a novel data set including the possible occurence of such reforms in 132 countries during the period 1980-2003. CBI-reforms are found to have contributed to bringing down high inflation rates where those existed, but they seem unrelated to performance in low-inflation countries.

Keywords: Monetary policy; institutional reforms; central banking; price stability; political economy; delegation

JEL-codes: E52; E58

25 pages, November 27, 2009

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