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.
Bibliography
Alesina, A. and Summers, L. 1993. Central bank independence and macroeconomic performance. Journal of Money Credit, and Banking 25, 157–62.
Bade, R. and Parkin, M. 1988. Central bank laws and monetary policy. Working paper. Department of Economics, University of Western Ontario.
Barro, R. and Gordon, D. 1983. A positive theory of monetary policy in a natural-rate model. Journal of Political Economy 91, 589–610.
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.
Cukierman, A. 1992. Central Bank Strategy, Credibility, and Independence: Theory and Evidence. Cambridge, MA: MIT Press.
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.
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.
Eijffinger, S. and de Haan, J. 1996. The political economy of central-bank independence. Special Papers in International Economics, No. 19. Princeton University.
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.
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.
Rogoff, K. 1985. The optimal commitment to an intermediate monetary target. Quarterly Journal of Economics 100, 1169–89.
Walsh, C. 2003. Monetary Theory and Policy, 2nd edn. Cambridge, MA: MIT Press.
Editor information
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