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Central bank indepe...
Central bank independence and price stability : evidence from OECD-countries
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- Daunfeldt, Sven-Olov (författare)
- Högskolan i Gävle,Ämnesavdelningen för nationalekonomi,The Swedish Retail Institute (HUI), Stockholm, Sweden
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- de Luna, Xavier, 1968- (författare)
- Umeå universitet,Statistiska institutionen,Department of Statistics, Umeå University
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(creator_code:org_t)
- 2007-10-10
- 2008
- Engelska.
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Ingår i: Oxford Economic Papers. - Oxford : Oxford University Press (OUP). - 0030-7653 .- 1464-3812. ; 60:3, s. 410-422
- Relaterad länk:
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http://www.econ.umu....
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visa fler...
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https://urn.kb.se/re...
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https://doi.org/10.1...
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Abstract
Ämnesord
Stäng
- In this paper, we use a non-parametric regression method to compare the transition process from high to low inflation with the implementation dates of central bank independence reforms. In most countries, price stability is achieved before more independence is given to the central bank. Moreover, for those countries which have implemented a central bank independence reform under a high inflation regime, no evidence is found that the reforms have actually led to price stability. This suggests that the credibility of a low inflation goal can be achieved without institutional reforms which grant the central bank more independence from the political policymakers.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- central bank; independence; inflation; institutional reform; OECD; policy implementation; regression analysis
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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