Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence
This note uses information on a sample of sixteen OECD countries to assess the relationship between central bank independence and macroeconomic performance. As previous work suggests, politically controlled central banks are more likely to pursue policies that lead to high and…
# Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence
> OpenAlex Metadata Hub · https://openalex.org/W1991865067
## Bibliographic
- **DOI:** 10.2307/2077833
- **Year:** 1993
- **Citations:** 1817
- **Open Access:** No (closed)
- **License:** —
- **Source:** https://doi.org/10.2307/2077833
## Authors
- Alberto Alesina
- Lawrence H. Summers
## Abstract
This note uses information on a sample of sixteen OECD countries to assess the relationship between central bank independence and macroeconomic performance. As previous work suggests, politically controlled central banks are more likely to pursue policies that lead to high and variable inflation. However, the authors find little evidence that political control of central bank policy has any impact on measures of the level or variability of growth, unemployment, or the ex ante real interest rate. Copyright 1993 by Ohio State University Press.
## Keywords
Independence (probability theory), Ex-ante, Inflation (cosmology), Economics, Unemployment, Central bank, Monetary policy, Sample (material), Control variable, Monetary economics, Work (physics), Inflation targeting, Politics, Macroeconomics, Political science
## Concepts
- Independence (probability theory)
- Ex-ante
- Inflation (cosmology)
- Economics
- Unemployment
- Central bank
- Monetary policy
- Sample (material)
- Control variable
- Monetary economics
- Work (physics)
- Inflation targeting
- Politics
- Macroeconomics
- Political science
- Theoretical physics
- Chromatography
- Statistics
- Chemistry
- Law
- Engineering
- Mechanical engineering
- Mathematics
- Physics
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*Metadata only — full text not imported unless Open Access license permits.*
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Tóm lược học thuật (đã diễn giải): This note uses information on a sample of sixteen OECD countries to assess the relationship between central bank independence and macroeconomic performance. As previous work suggests, politically controlled central banks are more likely to pursue policies that lead to high and variable inflation. However, the authors find little evidence that political control of central bank policy has any impact on measures of the level or variability of growth, unemployment, or the ex ante real interest rate. Copyright 1993 by Ohio State University Press.
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1. This note uses information on a sample of sixteen OECD countries to assess the relationship between central bank independence and macroeconomic performance.
2. As previous work suggests, politically controlled central banks are more likely to pursue policies that lead to high and variable inflation.
3. However, the authors find little evidence that political control of central bank policy has any impact on measures of the level or variability of growth, unemployment, or the ex ante real interest rate.
4. Copyright 1993 by Ohio State University Press.
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