This paper reviews the evidence on the relationship between openness and inflation. There
is a robust negative relationship across countries, first documented by Romer (1993) …

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary
policy could have greatly reduced the severity of the Great Depression. To do this, we first …

In this paper, we survey the case for central bank independence (CBI). We conclude that CBI
is neither necessary nor sufficient for monetary stability. CBI is just one potentially useful …

This article reviews the empirical evidence and theoretical arguments for central bank
independence, including political economy considerations. It concludes that the optimal …

Using a series of examples, we review the various ways in which a monetary policy
characterized by the Taylor rule can inject volatility into the economy. In the examples, a …

In recent monetary policy literature, optimal commitment policy and its variant from a
timeless perspective have been studied with emphasis on welfare gains from policy …

This paper begins with the concept of central bank independence and focuses its argument
around one of its major drawbacks-the potential absence of accountability by the monetary …

In this survey, we critically review the argument for central bank independence (CBI). We
argue CBI is neither necessary nor sufficient for reaching monetary stability. First, CBI is just …

The optimal choice of a monetary policy instrument depends on how tight and transparent
the available instruments are and on whether policymakers can commit to future policies …

Some academic literature maintains that high independent central banks are characterised
by low democratic accountability. In this paper, we try to improve previous studies' evidence …