Skip to main content

Central Bank Independence

  • Reference work entry
  • First Online:
  • 44 Accesses

Abstract

Central bank independence refers to the freedom of monetary policymakers from direct political or governmental influence in the conduct of policy.

This is a preview of subscription content, log in via an institution.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Bibliography

  • Alesina, A. and Summers, L. 1993. Central bank independence and macroeconomic performance. Journal of Money Credit, and Banking 25, 157–62.

    Article  Google Scholar 

  • Bade, R. and Parkin, M. 1988. Central bank laws and monetary policy. Working paper. Department of Economics, University of Western Ontario.

    Google Scholar 

  • Barro, R. and Gordon, D. 1983. A positive theory of monetary policy in a natural-rate model. Journal of Political Economy 91, 589–610.

    Article  Google Scholar 

  • Campillo, M. and Miron, J. 1997. Why does inflation differ across countries? In Reducing Inflation: Motivation and Strategy, ed. C. Romer and D. Romer. Chicago: University of Chicago Press.

    Google Scholar 

  • Cukierman, A. 1992. Central Bank Strategy, Credibility, and Independence: Theory and Evidence. Cambridge, MA: MIT Press.

    Google Scholar 

  • Cukierman, A., Webb, S. and Neyapti, B. 1992. Measuring the independence of central banks and its effects on policy outcomes. World Bank Economic Review 6, 353–98.

    Article  Google Scholar 

  • Debelle, G. and Fischer, S. 1994. How independent should a central bank be? In Goals, Guidelines and Constraints Facing Monetary Policymakers, ed. J. Fuhrer. Boston: Federal Reserve Bank of Boston.

    Google Scholar 

  • Eijffinger, S. and de Haan, J. 1996. The political economy of central-bank independence. Special Papers in International Economics, No. 19. Princeton University.

    Google Scholar 

  • Grilli, V., Masciandaro, D. and Tabellini, G. 1991. Political and monetary institutions and public financial policies in the industrial countries. Economic Policy 6, 341–92.

    Article  Google Scholar 

  • Posen, A. 1993. Why central bank independence does not cause low inflation: there is no institutional fix for politics. In Finance and the International Economy, vol. 7, ed. R. O’Brien. Oxford: Oxford University Press.

    Google Scholar 

  • Rogoff, K. 1985. The optimal commitment to an intermediate monetary target. Quarterly Journal of Economics 100, 1169–89.

    Article  Google Scholar 

  • Walsh, C. 2003. Monetary Theory and Policy, 2nd edn. Cambridge, MA: MIT Press.

    Google Scholar 

Download references

Authors

Editor information

Steven N. Durlauf Lawrence E. Blume

Copyright information

© 2008 Palgrave Macmillan, a division of Macmillan Publishers Limited

About this entry

Cite this entry

Walsh, C.E. (2008). Central Bank Independence. In: Durlauf, S.N., Blume, L.E. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-58802-2_209

Download citation

  • DOI: https://doi.org/10.1007/978-1-349-58802-2_209

  • Published:

  • Publisher Name: Palgrave Macmillan, London

  • Print ISBN: 978-0-333-78676-5

  • Online ISBN: 978-1-349-58802-2

Publish with us

Policies and ethics