Measuring central bank independence: a tale of subjectivity and of its consequences |
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Authors: | Mangano Gabriel |
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Affiliation: | Centre Walras-Pareto, University of Lausanne BFSH 1, 1015 Lausanne, Switzerland, and London School of Economics |
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Abstract: | The paper first scrutinises the two indices of central bankindependence (CBI) most commonly used in the empirical literature.It defines and discovers an impressive interpretation spread,a major criteria spread but a negligible weighting spread inthose indices Second, it framing the robustness of the empiricalcommon knowledge on the benefits of CBI. It findsthat, when rankings produced by various CBI indices are regressedwith, among others, average inflation, 87 5% of die regressioncoefficients are not statistically significant Third, followingrecent theoretical developments, it suggests an alternativeapproach to the measurement of a central bank's operationalstatus. |
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