|
EconStor >
Max-Planck-Institut für Ökonomik, Jena >
Jena Economic Research Papers, MPI für Ökonomik >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/25640
|
| | |
| Title: | | Monetary commitment, institutional constraints and inflation: empirical evidence for OECD countries since the 1970s  |
| Authors: | | Freytag, Andreas Schneider, Friedrich G. |
| Issue Date: | | 2007 |
| Series/Report no.: | | Jena economic research papers 2007,002 |
| Abstract: | | Central bank independence (CBI) is a very important precondition for price stability. However, the empirical evidence for a correlation between both is relatively weak. In this paper, this weakness is countered with a) an extended measure of monetary commitment, which includes well-known criteria for CBI and external criteria such as convertibility and exchange rate regimes and b) the argument that monetary commitment can grant price stability best if it is backed by an adequate assignment of economic policy. An empirical assessment with data from four decades confirms the crucial role of monetary commitment for price stability. |
| Subjects: | | central bank independence price stability monetary commitment |
| JEL: | | E50 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Jena Economic Research Papers, MPI für Ökonomik
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/25640
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|