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Working Paper

Central Bank Independence and Inflation: A Note

We document increased central bank independence within the set of industrialized nations. This increased independence can account for nearly two thirds of the improved inflation performance of these nations over the last two decades.

Suggested Citation

Carlstrom, Charles T., and Timothy S. Fuerst. 2006. “Central Bank Independence and Inflation: A Note.” Federal Reserve Bank of Cleveland, Working Paper No. 06-21.