Central bank independence: An update of theory and evidence

Authors
Berger, H de Haan, J Eijffinger, SCW
Citation
H. Berger et al., Central bank independence: An update of theory and evidence, J ECON SURV, 15(1), 2001, pp. 3-40
Citations number
118
Categorie Soggetti
Economics
Journal title
JOURNAL OF ECONOMIC SURVEYS
ISSN journal
09500804 → ACNP
Volume
15
Issue
1
Year of publication
2001
Pages
3 - 40
Database
ISI
SICI code
0950-0804(200102)15:1<3:CBIAUO>2.0.ZU;2-P
Abstract
This paper reviews recent research on central bank independence (CBI). Afte r we have distinguished between independence and conservativeness, research in which the inflationary bias is endogenised is reviewed. Finally, the va rious challenges that have been raised against previous empirical findings on CBI are discussed. We conclude that the negative relationship between CB I and inflation is quite robust.