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Does central bank independence lower inflation?

Ismihan, M. and Gulcin Ozkan, F. (2004) Does central bank independence lower inflation? Economics Letters, 84 (3). pp. 305-309. ISSN 0165-1765

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This paper provides a potential explanation for the recent findings of no significant relationship between central bank independence (CBI) and lower inflation. We argue that although CBI delivers lower inflation in the short-term, it may reduce the scope for productivity enhancing public investment and so harm future growth potential. We also argue that the effects on growth make CBI less likely to achieve lower inflation in the long-term.

Item Type: Article
Institution: The University of York
Academic Units: The University of York > Economics and Related Studies (York)
Depositing User: York RAE Import
Date Deposited: 04 Jun 2009 15:35
Last Modified: 04 Jun 2009 15:35
Published Version: http://dx.doi.org/10.1016/j.econlet.2003.12.022
Status: Published
Publisher: Elsevier Science B.V.
Identification Number: 10.1016/j.econlet.2003.12.022
URI: http://eprints.whiterose.ac.uk/id/eprint/6008

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