Does central bank independence lower inflation?

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2004

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Elsevier Science Sa

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Department of Business
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Abstract

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. (C) 2004 Elsevier B.V. All rights reserved.

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central bank independence, public investment, inflation

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18

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Volume

84

Issue

3

Start Page

305

End Page

309

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https://doi.org/10.1016/j.econlet.2003.12.022
 https://hdl.handle.net/20.500.14411/1082

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