This paper reviews recent research on central bank independence (CBI). After we have
distinguished between independence and conservativeness, research in which the …

This paper reviews recent research on the political economy of monetary policy-making,
both by economists and political scientists. The traditional argument for central bank …

Central bank independence (CBI) and fixed exchange rates are alternative monetary
commitments that differ in transparency. While CBI is opaque and difficult to monitor, a …

Granting central banks independence is widely assumed to decrease inflation by increasing
the credibility of commitments to price stability. This paper analyzes public-and private …

This paper proposes that central bank independence alone is insufficient to explain low
inflation. It argues instead that central bank independence may be interconnected with …

The Euro-Zone represents the single most important step in European Integration since
1957 and one of the boldest economic, monetary, and political projects in modern history. In …

This paper provides a new indicator for central bank independence (CBI) based on the
turnover rate of central bank governors for 82 developing countries over the period 1980 …

Using 59 studies, we perform a meta‐regression analysis of studies examining the
relationship between inflation and central bank independence (CBI). The studies considered …

Two channels of political control allow elected politicians to influence monetary policy. First,
political threats to the status, structure, or very existence of the central bank may force central …

This paper introduces new data on the term in office of central bank governors in 137
countries for 1970–2004. Our panel models show that the probability that a central bank …