ON THE ASSESSMENT AND IMPLEMENTATION OF 'INSTITUTIONAL' REMEDIES
Abstract
The most common approach to testing for the benefits of central-bank independence is argued to be methodologically flawed for the reason that the measure of independence does not permit a test the hypothesis which suggests that these benefits exist. Particular doubt is cast on the merits of proposals to legislate to create independence. The argument is elucidated by comparison with the testing of a hypothesis about the benefits of centralized and decentralized unions.
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Cites
Political and Monetary Institutions and Public Financial Policies in the Industrial Countries
Grilli, V., Masciandaro, D., Tabellini, G., Malinvaud, E., & Pagano, M. (1991) · Economic Policy · doi:10.2307/1344630 · Cited by 1,585 · see citing works
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INFLATION AND CENTRAL BANK INDEPENDENCE: A META-REGRESSION ANALYSIS
Klomp, J., & De Haan, J. (2010) · Journal of Economic Surveys · doi:10.1111/j.1467-6419.2009.00597.x · Cited by 209 · see citing works
Does central bank independence really matter?
Haan, J. D., & Kooi, W. J. (2000) · Journal of Banking & Finance · doi:10.1016/s0378-4266(99)00084-9 · Cited by 176 · see citing works
- Authors
- FORDER, J.
- Affiliations
- University of Oxford (GB)
- Corresponding author
- FORDER, J.
- ORCID
- FORDER, J.
- Venue
- Oxford Economic Papers
- Publisher
- Oxford University Press (OUP)
- Published
- 1996-01-01
- Volume
- 48
- Issue
- 1
- Pages
- 39-51
- ISSN
- 0030-7653 (ISSN-L)
- 1464-3812
- OpenAlex
- W2142432893
- Cited by
- 136
- References
- 1
- Citations by year
- 2026: 1 · 2025: 1 · 2024: 1 · 2022: 2 · 2021: 1 · 2020: 19 · 2019: 3 · 2017: 1 · 2016: 5 · 2015: 2 · 2014: 2 · 2013: 8 · 2012: 10
- FWCI
- 13.70
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Oxford Economic Papers (publishedVersion)
- Oxford University Research Archive (ORA) (University of Oxford) (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- HighWire Press Open Archive (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Keywords
- central bank independence, hypothesis testing, central bank legislation, monetary policy
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