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Conference Paper
Global policy perspectives
Working Paper
How independent should a central bank be?
The case for an independent central bank is becoming increasingly accepted. This new orthodoxy is based on three foundations: the success of the Bundesbank and the German economy over the past forty years; the theoretical academic literature on the inflationary bias of discretionary policy-making; and the empirical academic literature on central bank independence (CBI). The purpose of this paper is to examine each of the three legs of the argument for increased CBI. ; First we examine the empirical evidence on the relationship between CBI and economic performance. In this context, we compare ...