메뉴 건너뛰기




Volumn 28, Issue 4, 2004, Pages 549-576

Reflections on the current fashion for central bank independence

Author keywords

Central bank independence; Credibility; Monetary policy; Rules vs discretion; Time inconsistency

Indexed keywords

CENTRAL BANK; FINANCIAL MARKET; INFLATION; MONETARY POLICY; THEORETICAL STUDY;

EID: 3242814446     PISSN: 0309166X     EISSN: None     Source Type: Journal    
DOI: 10.1093/cje/28.4.549     Document Type: Article
Times cited : (38)

References (119)
  • 1
    • 0001924633 scopus 로고
    • The choice of monetary policy instruments and the theory of bureaucracy
    • Acheson, K. and Chant, J. 1972. The choice of monetary policy instruments and the theory of bureaucracy, Public Choice, vol. 12, 13-33
    • (1972) Public Choice , vol.12 , pp. 13-33
    • Acheson, K.1    Chant, J.2
  • 2
    • 0008493160 scopus 로고
    • Bureaucratic theory and the choice of central bank goals
    • Acheson, K. and Chant, J. 1973A. Bureaucratic theory and the choice of central bank goals, Journal of Money, Credit and Banking, vol. 5, 637-55
    • (1973) Journal of Money, Credit and Banking , vol.5 , pp. 637-655
    • Acheson, K.1    Chant, J.2
  • 3
    • 84980243513 scopus 로고
    • Mythology and central banking
    • Acheson, K. and Chant, J. 1973B. Mythology and central banking, Kyklos, vol. 26, 362-79
    • (1973) Kyklos , vol.26 , pp. 362-379
    • Acheson, K.1    Chant, J.2
  • 4
    • 0000925051 scopus 로고
    • Independent central banks: Low inflation at no cost?
    • Alesina, A. and Gatti, R. 1995. Independent central banks: low inflation at no cost?, American Economic Review, vol. 85, no. 2, 96-200
    • (1995) American Economic Review , vol.85 , Issue.2 , pp. 96-200
    • Alesina, A.1    Gatti, R.2
  • 6
    • 0000665624 scopus 로고
    • Central bank independence and macroeconomic performance: Some comparative evidence
    • Alesina, A. and Summers, L. H. 1993. Central bank independence and macroeconomic performance: some comparative evidence, Journal of Money, Credit and Banking, vol. 25, no. 2, 151-62
    • (1993) Journal of Money, Credit and Banking , vol.25 , Issue.2 , pp. 151-162
    • Alesina, A.1    Summers, L.H.2
  • 7
    • 84937284032 scopus 로고
    • The independence of central banks: A nonconventional perspective
    • Arestis, P. and Bain, K. 1995. The independence of central banks: a nonconventional perspective, Journal of Economic Issues, vol. 29, no. 1, 161-74
    • (1995) Journal of Economic Issues , vol.29 , Issue.1 , pp. 161-174
    • Arestis, P.1    Bain, K.2
  • 9
    • 3242766296 scopus 로고    scopus 로고
    • The problematic nature of independent central banks
    • Cohen, A. J., Hagemann, H. and Smithin J. (eds), Dordrecht, Kluwer Academic
    • Arestis, P. and Sawyer, M. C. 1997. The problematic nature of independent central banks, in Cohen, A. J., Hagemann, H. and Smithin J. (eds), Money, Financial Institutions, and Macroeconomics, Dordrecht, Kluwer Academic
    • (1997) Money, Financial Institutions, and Macroeconomics
    • Arestis, P.1    Sawyer, M.C.2
  • 10
  • 11
    • 0000571862 scopus 로고
    • Rational expectations and policy credibility following a change in regime
    • Backus, D. and Driffill, J. 1985B. Rational expectations and policy credibility following a change in regime, Review of Economic Studies, vol. 52, 211-22
    • (1985) Review of Economic Studies , vol.52 , pp. 211-222
    • Backus, D.1    Driffill, J.2
  • 13
    • 0001413741 scopus 로고    scopus 로고
    • Disinflation and the NAIRU
    • Romer, C. D. and Romber, D. H. (eds), Chicago, Chicago University Press
    • Ball, L. 1997. Disinflation and the NAIRU, pp. 167-85 in Romer, C. D. and Romber, D. H. (eds), Reducing Inflation, Chicago, Chicago University Press
    • (1997) Reducing Inflation , pp. 167-185
    • Ball, L.1
  • 14
    • 0039242041 scopus 로고    scopus 로고
    • Aggregate demand and long-run unemployment
    • Ball, L. 1999. Aggregate demand and long-run unemployment, Brookings Papers on Economic Activity, vol. 2, 189-251
    • (1999) Brookings Papers on Economic Activity , vol.2 , pp. 189-251
    • Ball, L.1
  • 15
    • 84983958104 scopus 로고
    • A positive theory of monetary policy in a natural rate model
    • Barro, R. J. and Gordon, D. B. 1983A. A positive theory of monetary policy in a natural rate model, Journal of Political Economy, vol. 91, no. 4, 589-610
    • (1983) Journal of Political Economy , vol.91 , Issue.4 , pp. 589-610
    • Barro, R.J.1    Gordon, D.B.2
  • 16
    • 49049128000 scopus 로고
    • Rules, discretion and reputation in a model of monetary policy
    • Barro, R. J. and Gordon, D. B. 1983B. Rules, discretion and reputation in a model of monetary policy, Journal of Monetary Economics, vol. 12, 101-21
    • (1983) Journal of Monetary Economics , vol.12 , pp. 101-121
    • Barro, R.J.1    Gordon, D.B.2
  • 17
    • 0000997649 scopus 로고    scopus 로고
    • The new UK monetary arrangements: A view from the literature
    • Bean, C. 1998. The new UK monetary arrangements: a view from the literature, Economic Journal, vol. 108, 1795-809
    • (1998) Economic Journal , vol.108 , pp. 1795-1809
    • Bean, C.1
  • 18
    • 0035087264 scopus 로고    scopus 로고
    • Central bank independence: An update of theory and evidence
    • Berger, H., de Haan, J. and Eijffinger, S. C. W. 2001. Central bank independence: an update of theory and evidence, Journal of Economic Surveys, vol. 15, no. 1, 3-40
    • (2001) Journal of Economic Surveys , vol.15 , Issue.1 , pp. 3-40
    • Berger, H.1    de Haan, J.2    Eijffinger, S.C.W.3
  • 19
    • 0000921746 scopus 로고    scopus 로고
    • On exogenous money and bank behaviour: The Pandora's box kept shut in Keynes' theory of liquidity preference?
    • Bibow, J. 2000. On exogenous money and bank behaviour: the Pandora's box kept shut in Keynes' theory of liquidity preference?, European Journal of the History of Economic Thought, vol. 7, no. 4, 532-68
    • (2000) European Journal of the History of Economic Thought , vol.7 , Issue.4 , pp. 532-568
    • Bibow, J.1
  • 21
    • 0039485969 scopus 로고    scopus 로고
    • Keynes on central banking and the structure of monetary policy
    • Bibow, J. 2002A. Keynes on central banking and the structure of monetary policy, History of Political Economy, vol. 34, no. 4, 749-87
    • (2002) History of Political Economy , vol.34 , Issue.4 , pp. 749-787
    • Bibow, J.1
  • 23
    • 3242812259 scopus 로고    scopus 로고
    • The markets versus the ECB, and the euro's plunge
    • Bibow, J. 2002C. The markets versus the ECB, and the euro's plunge, Eastern Economic Journal, vol. 28, no. 1, 45-58
    • (2002) Eastern Economic Journal , vol.28 , Issue.1 , pp. 45-58
    • Bibow, J.1
  • 24
    • 0036176466 scopus 로고    scopus 로고
    • The monetary policies of the European Central Bank and the euro's (mal-) performance: A stability-oriented analysis
    • Bibow, J. 2002D. The monetary policies of the European Central Bank and the euro's (mal-) performance: a stability-oriented analysis, International Review of Applied Economics, vol. 16, no. 1, 31-50
    • (2002) International Review of Applied Economics , vol.16 , Issue.1 , pp. 31-50
    • Bibow, J.1
  • 25
    • 3242751449 scopus 로고    scopus 로고
    • On the 'burden' of German unification
    • Bibow, J. 2003A. On the 'burden' of German unification, Banca Nazionale del Lavoro Quarterly Review, vol. 61, no. 225, 137-69
    • (2003) Banca Nazionale Del Lavoro Quarterly Review , vol.61 , Issue.225 , pp. 137-169
    • Bibow, J.1
  • 26
  • 27
    • 0009249309 scopus 로고    scopus 로고
    • Costs of separating budgetary policy from control of inflation: A neglected aspect of central bank independence
    • Blake, A. P. and Weale, M. 1998. Costs of separating budgetary policy from control of inflation: a neglected aspect of central bank independence, Oxford Economic Papers, vol. 50, 449-67
    • (1998) Oxford Economic Papers , vol.50 , pp. 449-467
    • Blake, A.P.1    Weale, M.2
  • 28
    • 0345912354 scopus 로고    scopus 로고
    • What central bankers could learn from academics-and vice versa
    • Blinder, A. S. 1997. What central bankers could learn from academics-and vice versa, Journal of Economic Perspectives, vol. 11, no. 2, 3-19
    • (1997) Journal of Economic Perspectives , vol.11 , Issue.2 , pp. 3-19
    • Blinder, A.S.1
  • 32
    • 84925973607 scopus 로고
    • The superiority of contingent rules over fixed rules in models with rational expectations
    • Buiter, W. H. 1981. The superiority of contingent rules over fixed rules in models with rational expectations, Economic Journal, vol. 91, 647-70
    • (1981) Economic Journal , vol.91 , pp. 647-670
    • Buiter, W.H.1
  • 33
    • 0000674634 scopus 로고    scopus 로고
    • Why does inflation differ across countries?
    • Romer, C. and Romer, D. (eds), Chicago, Chicago University Press
    • Campillo, M. And Miron, J. A. 1997. Why does inflation differ across countries?, pp. 335-57 in Romer, C. and Romer, D. (eds), Reducing Inflation: Motivation and Strategy, Chicago, Chicago University Press
    • (1997) Reducing Inflation: Motivation and Strategy , pp. 335-357
    • Campillo, M.1    Miron, J.A.2
  • 34
    • 0041720888 scopus 로고    scopus 로고
    • Optimal monetary policy rules in a rational expectations model of the Phillips curve
    • Clark, P. B., Goodhart, C. A. E. and Huang, H. 1999. Optimal monetary policy rules in a rational expectations model of the Phillips curve, Journal of Monetary Economics, vol. 43, 497-520
    • (1999) Journal of Monetary Economics , vol.43 , pp. 497-520
    • Clark, P.B.1    Goodhart, C.A.E.2    Huang, H.3
  • 35
    • 0002428507 scopus 로고    scopus 로고
    • Unemployment costs of inflation targeting
    • Arestis, P. and Sawyer, M. C. (eds), Cheltenham, Edward Elgar
    • Cornwall, J. and Cornwall, W. 1998. Unemployment costs of inflation targeting, pp. 49-66 in Arestis, P. and Sawyer, M. C. (eds), The Political Economy of Central Banking, Cheltenham, Edward Elgar
    • (1998) The Political Economy of Central Banking , pp. 49-66
    • Cornwall, J.1    Cornwall, W.2
  • 37
    • 0000586038 scopus 로고
    • How independent should a central bank be?
    • Fuhrer, J. C. (ed.), Conference Series no. 38
    • Debelle, G. and Fischer, S. 1995. How independent should a central bank be?, in Fuhrer, J. C. (ed.), Federal Reserve Bank of Boston, Conference Series no. 38
    • (1995) Federal Reserve Bank of Boston
    • Debelle, G.1    Fischer, S.2
  • 38
    • 0003269596 scopus 로고    scopus 로고
    • America's peacetime inflation: The 1970s
    • Romer, C. D. and Romer, D. H (eds), Chicago, University of Chicago Press
    • De Long, J. B. 1997. America's peacetime inflation: the 1970s, in Romer, C. D. and Romer, D. H (eds), Reducing Inflation, Chicago, University of Chicago Press
    • (1997) Reducing Inflation
    • De Long, J.B.1
  • 39
    • 0011305019 scopus 로고    scopus 로고
    • The political business cycle after 25 years
    • Bernanke, B. S. and Rogoff, K. (eds), Cambridge MA, MIT Press
    • Drazen, A. 2001. The political business cycle after 25 years, in Bernanke, B. S. and Rogoff, K. (eds), NBER Macroeconomics Annual 2000, Cambridge MA, MIT Press
    • (2001) NBER Macroeconomics Annual 2000
    • Drazen, A.1
  • 40
    • 0002251545 scopus 로고    scopus 로고
    • The political economy of central-bank independence
    • International Finance Section, Princeton University
    • Eijffinger, S. C. W. and de Haan, J. 1996. The political economy of central-bank independence, Special Papers in International Economics No. 19, International Finance Section, Princeton University
    • (1996) Special Papers in International Economics No. 19
    • Eijffinger, S.C.W.1    de Haan, J.2
  • 43
    • 0009251063 scopus 로고
    • A political economy model of comparative central banking
    • Dymski, G. and Pollin, R. (eds), Ann Arbor, University of Michigan Press
    • Epstein, G. A. 1994. A political economy model of comparative central banking, pp. 231-77 in Dymski, G. and Pollin, R. (eds), New Perspectives in Monetary Macroeconomics, Ann Arbor, University of Michigan Press
    • (1994) New Perspectives in Monetary Macroeconomics , pp. 231-277
    • Epstein, G.A.1
  • 44
    • 0000950805 scopus 로고    scopus 로고
    • The costs and benefits of going from low inflation to price stability
    • Romer, C. D. and Romer, D. H. (eds), NBER Studies in Business Cycles Chicago and London, Chicago University Press
    • Feldstein, M. 1997. The costs and benefits of going from low inflation to price stability, in Romer, C. D. and Romer, D. H. (eds), Reducing Inflation - Motivation and Strategy, NBER Studies in Business Cycles Vol. 30, Chicago and London, Chicago University Press
    • (1997) Reducing Inflation - Motivation and Strategy , vol.30
    • Feldstein, M.1
  • 45
    • 77957022758 scopus 로고
    • Rules versus discretion in monetary policy
    • Friedman, B. M. and Hahn, F. H. (eds), Amsterdam, Elsevier
    • Fischer, S. 1990. Rules versus discretion in monetary policy, pp. 1155-84 in Friedman, B. M. and Hahn, F. H. (eds), Handbook of Monetary Economics, Vol. 2, Amsterdam, Elsevier
    • (1990) Handbook of Monetary Economics , vol.2 , pp. 1155-1184
    • Fischer, S.1
  • 46
    • 3242789662 scopus 로고
    • Modern central banks
    • Capie, F. et al. (eds), Cambridge, Cambridge University Press
    • Fischer, S. 1994. Modern central banks, in Capie, F. et al. (eds), The Future of Central Banking, Cambridge, Cambridge University Press
    • (1994) The Future of Central Banking
    • Fischer, S.1
  • 47
    • 0001778492 scopus 로고    scopus 로고
    • On the assessment and implementation of 'institutional' remedies
    • Forder, J. 1996. On the assessment and implementation of 'institutional' remedies, Oxford Economic Papers, vol. 48, 39-51
    • (1996) Oxford Economic Papers , vol.48 , pp. 39-51
    • Forder, J.1
  • 48
    • 30344448334 scopus 로고    scopus 로고
    • Central bank independence-conceptual clarifications and interim assessment
    • Forder, J. 1998. Central bank independence-conceptual clarifications and interim assessment, Oxford Economic Papers, vol. 50, 307-34
    • (1998) Oxford Economic Papers , vol.50 , pp. 307-334
    • Forder, J.1
  • 49
    • 0033464710 scopus 로고    scopus 로고
    • Central bank independence: Reassessing the measurements
    • Forder, J. 1999. Central bank independence: reassessing the measurements, Journal of Economic Issues, vol. 33, no. 1, 23-40
    • (1999) Journal of Economic Issues , vol.33 , Issue.1 , pp. 23-40
    • Forder, J.1
  • 50
    • 0000100902 scopus 로고    scopus 로고
    • Central bank independence and credibility: Is there a shred of evidence?
    • Forder, J. 2000. Central bank independence and credibility: is there a shred of evidence?, International Finance, vol. 3, no. 1, 167-85
    • (2000) International Finance , vol.3 , Issue.1 , pp. 167-185
    • Forder, J.1
  • 51
    • 84937334365 scopus 로고    scopus 로고
    • The theory of credibility and the reputation-bias in policy
    • Forder, J. 2001. The theory of credibility and the reputation-bias in policy, Review of Political Economy, vol. 13, no. 1, 5-25
    • (2001) Review of Political Economy , vol.13 , Issue.1 , pp. 5-25
    • Forder, J.1
  • 52
    • 0036180095 scopus 로고    scopus 로고
    • Interests and 'independence': The European Central Bank and the theory of bureaucracy
    • Forder, J. 2002. Interests and 'independence': the European Central Bank and the theory of bureaucracy, International Review of Applied Economics, vol. 16, no. 1, 51-70
    • (2002) International Review of Applied Economics , vol.16 , Issue.1 , pp. 51-70
    • Forder, J.1
  • 53
    • 0000418865 scopus 로고
    • A monetary and fiscal framework for economic stability
    • repr. in M. Friedman (1953) Essays in Positive Economics, Chicago, University of Chicago Press
    • Friedman, M. 1948. A monetary and fiscal framework for economic stability, American Economic Review, repr. in M. Friedman (1953) Essays in Positive Economics, Chicago, University of Chicago Press
    • (1948) American Economic Review
    • Friedman, M.1
  • 55
    • 0001656828 scopus 로고
    • Should there be an independent monetary authority?
    • repr. in M. Friedman (1968) Englewood Cliffs, N.J., Prentice-Hall
    • Friedman, M. 1962. Should there be an independent monetary authority?, repr. in M. Friedman (1968) Dollars and Deficits, Englewood Cliffs, N.J., Prentice-Hall
    • (1962) Dollars and Deficits
    • Friedman, M.1
  • 57
    • 0347297799 scopus 로고
    • The monetary theory and policy of Henry Simons
    • Friedman, M. 1967. The monetary theory and policy of Henry Simons, Journal of Law & Economics, vol. 10, 1-13
    • (1967) Journal of Law and Economics , vol.10 , pp. 1-13
    • Friedman, M.1
  • 58
    • 0002135844 scopus 로고
    • The role of monetary policy
    • March, 1-17
    • Friedman, M. 1968. The role of monetary policy, American Economic Review, vol. 58, March, 1-17
    • (1968) American Economic Review , vol.58
    • Friedman, M.1
  • 59
    • 1542623211 scopus 로고
    • The case for a monetary rule
    • 7 February
    • Friedman, M. 1972. The case for a monetary rule, Newsweek, 7 February
    • (1972) Newsweek
    • Friedman, M.1
  • 60
    • 3242743943 scopus 로고
    • How to hit the money target
    • 8 December
    • Friedman, M. 1975. How to hit the money target, Newsweek, 8 December
    • (1975) Newsweek
    • Friedman, M.1
  • 63
    • 3242793754 scopus 로고    scopus 로고
    • Comment on gaspar and issing
    • Friedman, M. 2002. Comment on Gaspar and Issing, Australian Economic Papers, vol. 41, no. 4, 366-8
    • (2002) Australian Economic Papers , vol.41 , Issue.4 , pp. 366-368
    • Friedman, M.1
  • 64
    • 0031693353 scopus 로고    scopus 로고
    • Assessing central bank independence in developing countries: Do actions speak louder than words?
    • Fry, M. J. 1998. Assessing central bank independence in developing countries: do actions speak louder than words?, Oxford Economic Papers, vol. 50, 512-29
    • (1998) Oxford Economic Papers , vol.50 , pp. 512-529
    • Fry, M.J.1
  • 65
    • 0040832736 scopus 로고    scopus 로고
    • Central bank independence and inflation targeting: Monetary policy paradigms for the next millenium?
    • January/February, 19-36
    • Fuhrer, J. C. 1997. Central bank independence and inflation targeting: monetary policy paradigms for the next millenium? New England Economic Review, January/February, 19-36
    • (1997) New England Economic Review
    • Fuhrer, J.C.1
  • 67
    • 0033227154 scopus 로고    scopus 로고
    • The election cycle in the inflation bias: Evidence from the G-7 countries
    • Gärtner, M. 1999. The election cycle in the inflation bias: evidence from the G-7 countries, European Journal of Political Economy, vol. 15, 705-25
    • (1999) European Journal of Political Economy , vol.15 , pp. 705-725
    • Gärtner, M.1
  • 68
    • 0005708495 scopus 로고    scopus 로고
    • German Council of Economic Experts Ch. 2 table 35
    • German Council of Economic Experts 1999. Annual Report 1999/2000, Ch. 2, pp. 152-5, table 35. www.sachverstaendigenrat-wirtschaft.de/pm/infoang.html
    • (1999) Annual Report 1999/2000 , pp. 152-155
  • 70
    • 0000035197 scopus 로고
    • Game theory for central bankers: A report to the governor of the Bank of England
    • Goodhart, C. A. E. 1994A. Game theory for central bankers: a report to the governor of the Bank of England, Journal of Economic Literature, vol. 32, 101-14
    • (1994) Journal of Economic Literature , vol.32 , pp. 101-114
    • Goodhart, C.A.E.1
  • 71
    • 0005549764 scopus 로고
    • What should central banks do? What should be their macroeconomic objectives and operations?
    • Goodhart, C. A. E. 1994B. What should central banks do? What should be their macroeconomic objectives and operations?, Economic Journal, vol. 104, 1424-36
    • (1994) Economic Journal , vol.104 , pp. 1424-1436
    • Goodhart, C.A.E.1
  • 73
    • 0001278531 scopus 로고    scopus 로고
    • Time inconsistency in a model with lags, persistence, and overlapping wage contracts
    • Goodhart, C. A. E. and Huang, H. 1998. Time inconsistency in a model with lags, persistence, and overlapping wage contracts, Oxford Economic Papers, vol. 50, 378-96
    • (1998) Oxford Economic Papers , vol.50 , pp. 378-396
    • Goodhart, C.A.E.1    Huang, H.2
  • 74
    • 0346102028 scopus 로고
    • The development of central banking
    • Capie, F. et al. (eds), Cambridge, Cambridge University Press
    • Goodhart, C. A. E., Capie, F. and Schnadt, N. 1994. The development of central banking, in Capie, F. et al. (eds), The Future of Central Banking. Cambridge, Cambridge University Press
    • (1994) The Future of Central Banking
    • Goodhart, C.A.E.1    Capie, F.2    Schnadt, N.3
  • 75
    • 3242800727 scopus 로고    scopus 로고
    • Coercing credibility: Neoliberal policies and monetary institutions in developing and transitional economies
    • Arestis, P. and Sawyer, M. C (eds), Cheltenham, Edward Elgar
    • Grabel, I. 1998. Coercing credibility: neoliberal policies and monetary institutions in developing and transitional economies, pp. 83-100 in Arestis, P. and Sawyer, M. C (eds), The Political Economy of Central Banking, Cheltenham, Edward Elgar
    • (1998) The Political Economy of Central Banking , pp. 83-100
    • Grabel, I.1
  • 76
    • 0001162767 scopus 로고
    • Political and monetary institutions and public financial policies in the industrialized countries
    • Grilli, V., Masciandaro, D. and Tabellini, G. 1991. Political and monetary institutions and public financial policies in the industrialized countries, Economic Policy, vol. 13, 341-92
    • (1991) Economic Policy , vol.13 , pp. 341-392
    • Grilli, V.1    Masciandaro, D.2    Tabellini, G.3
  • 77
    • 0032796784 scopus 로고    scopus 로고
    • The case for a populist central banker
    • Guzzo, V. and Velasco, A. 1999. The case for a populist central banker, European Economic Review, vol. 43, 1317-44
    • (1999) European Economic Review , vol.43 , pp. 1317-1344
    • Guzzo, V.1    Velasco, A.2
  • 78
    • 0003096710 scopus 로고
    • Central bank independence and coordinated wage bargaining: Their interaction in Germany and Europe
    • Autumn
    • Hall, P. A. 1994. Central bank independence and coordinated wage bargaining: their interaction in Germany and Europe, German Politics and Society, Autumn, 1-23
    • (1994) German Politics and Society , pp. 1-23
    • Hall, P.A.1
  • 79
    • 0032368526 scopus 로고    scopus 로고
    • Mixed signals: Central bank independence, coordinated wage-bargaining, and EMU
    • Hall, P. A. and Franzese, R. J. 1998. Mixed signals: central bank independence, coordinated wage-bargaining, and EMU, International Organisation, vol. 52, 505-75
    • (1998) International Organisation , vol.52 , pp. 505-575
    • Hall, P.A.1    Franzese, R.J.2
  • 80
    • 0001203472 scopus 로고    scopus 로고
    • Inflation culture, central bank independence and price stability
    • Hayo, B. 1998. Inflation culture, central bank independence and price stability, European Journal of Political Economy, vol. 14, 241-63
    • (1998) European Journal of Political Economy , vol.14 , pp. 241-263
    • Hayo, B.1
  • 81
  • 82
    • 0033211668 scopus 로고    scopus 로고
    • Does the time-consistency problem explain the behaviour of inflation in the United States?
    • Ireland, P. N. 1999. Does the time-consistency problem explain the behaviour of inflation in the United States?, Journal of Monetary Economics, vol. 44, 279-91
    • (1999) Journal of Monetary Economics , vol.44 , pp. 279-291
    • Ireland, P.N.1
  • 84
    • 0032367366 scopus 로고    scopus 로고
    • Wage bargaining, central bank independence, and the real effects of money
    • Iversen, T. 1998. Wage bargaining, central bank independence, and the real effects of money, International Organization, vol. 52, 469-504
    • (1998) International Organization , vol.52 , pp. 469-504
    • Iversen, T.1
  • 85
    • 0031506995 scopus 로고    scopus 로고
    • Disinflation costs, accelerating inflation gains, and central bank independence
    • Jordan, T. J. 1997. Disinflation costs, accelerating inflation gains, and central bank independence, Weltwirtschaftliches Archiv, vol. 133, 1-21
    • (1997) Weltwirtschaftliches Archiv , vol.133 , pp. 1-21
    • Jordan, T.J.1
  • 86
    • 0005540650 scopus 로고    scopus 로고
    • An empirical observation on central bank independence and real output
    • Jordan, T. J. 1998. An empirical observation on central bank independence and real output, Open Economies Review, vol. 9, 219-25
    • (1998) Open Economies Review , vol.9 , pp. 219-225
    • Jordan, T.J.1
  • 87
    • 60949591158 scopus 로고
    • The monetary policy of the Labour Party
    • [1932] 17 and 24 September 1932. of Collected Writings of John Maynard Keynes, edited by Donald Moggridge, 1982 London, Macmillan
    • Keynes, J. M. [1932] 1982. The monetary policy of the Labour Party, The New Statesman and Nation, 17 and 24 September 1932. In Vol. 21 of Collected Writings of John Maynard Keynes, edited by Donald Moggridge, 1982, pp. 128-45, London, Macmillan
    • (1982) The New Statesman and Nation , vol.21 , pp. 128-145
    • Keynes, J.M.1
  • 89
    • 0000643498 scopus 로고
    • Rules rather than discretion: The inconsistency of optimal plans
    • Kydland, F. E. and Prescott, E. C. 1977. Rules rather than discretion: the inconsistency of optimal plans, Journal of Political Economy, vol. 85, no. 3, 473-91
    • (1977) Journal of Political Economy , vol.85 , Issue.3 , pp. 473-491
    • Kydland, F.E.1    Prescott, E.C.2
  • 91
    • 20044393689 scopus 로고
    • Does an independent central bank violate democracy?
    • Levy, D. 1995. Does an independent central bank violate democracy?, Journal of Post Keynesian Economics, vol. 18, 189-210
    • (1995) Journal of Post Keynesian Economics , vol.18 , pp. 189-210
    • Levy, D.1
  • 92
    • 85016721127 scopus 로고
    • Optimal commitment in monetary policy: Credibility versus flexibility
    • Lohmann, S. 1992. Optimal commitment in monetary policy: credibility versus flexibility, American Economic Review, vol. 82, 273-86
    • (1992) American Economic Review , vol.82 , pp. 273-286
    • Lohmann, S.1
  • 93
    • 0000289482 scopus 로고    scopus 로고
    • Measuring central bank independence: A tale of subjectivity and of its consequences
    • Magano, G. 1998. Measuring central bank independence: a tale of subjectivity and of its consequences, Oxford Economic Papers, vol. 50, 468-92
    • (1998) Oxford Economic Papers , vol.50 , pp. 468-492
    • Magano, G.1
  • 94
  • 95
    • 0031161360 scopus 로고    scopus 로고
    • Crucial issues concerning central bank independence
    • McCallum, B. T. 1997A. Crucial issues concerning central bank independence, Journal of Monetary Economics, vol. 39, 99-112
    • (1997) Journal of Monetary Economics , vol.39 , pp. 99-112
    • McCallum, B.T.1
  • 96
    • 0041090165 scopus 로고    scopus 로고
    • Issues in the design of monetary policy rules
    • McCallum, B. T. 1997B. Issues in the design of monetary policy rules, NBER Working Paper, No. 6016
    • (1997) NBER Working Paper , Issue.6016
    • McCallum, B.T.1
  • 97
    • 0010068104 scopus 로고
    • The monetarist controversy or, should we forsake stabilization policies?
    • Modigliani, F. 1977. The monetarist controversy or, should we forsake stabilization policies?, American Economic Review, vol. 67, 1-19
    • (1977) American Economic Review , vol.67 , pp. 1-19
    • Modigliani, F.1
  • 100
    • 0034504382 scopus 로고    scopus 로고
    • Dependent and accountable: Evidence from the modern theory of central banking
    • Piga, G. 2000. Dependent and accountable: evidence from the modern theory of central banking, Journal of Economic Surveys, vol. 14, no. 5, 563-95
    • (2000) Journal of Economic Surveys , vol.14 , Issue.5 , pp. 563-595
    • Piga, G.1
  • 101
    • 0002784406 scopus 로고
    • Why central bank independence does not cause low inflation: There is no institutional fix for politics
    • O'Brian, R. (ed.), Oxford, Oxford University Press
    • Posen, A. S. 1993. Why central bank independence does not cause low inflation: there is no institutional fix for politics, in O'Brian, R. (ed.), Finance and the International Economy, Oxford, Oxford University Press
    • (1993) Finance and the International Economy
    • Posen, A.S.1
  • 102
    • 0001373058 scopus 로고
    • Declarations are not enough: Financial sector sources of central bank independence
    • Bernanke, B. S. and Rotemberg, J. (eds), Cambridge, MA, MIT Press
    • Posen, A. 1995. Declarations are not enough: financial sector sources of central bank independence, in Bernanke, B. S. and Rotemberg, J. (eds), NBER Macroeconomics Annual 1995, Cambridge, MA, MIT Press
    • (1995) NBER Macroeconomics Annual 1995
    • Posen, A.1
  • 103
    • 0000863562 scopus 로고    scopus 로고
    • Central bank independence and disinflationary credibility: A missing link?
    • Posen, A. 1998. Central bank independence and disinflationary credibility: a missing link?, Oxford Economic Papers, vol. 50, 335-59
    • (1998) Oxford Economic Papers , vol.50 , pp. 335-359
    • Posen, A.1
  • 104
    • 84947586303 scopus 로고
    • The optimal degree of commitment to a monetary target
    • Rogoff, K. 1985. The optimal degree of commitment to a monetary target. Quarterly Journal of Economics, vol. 100, no. 4, 1169-89
    • (1985) Quarterly Journal of Economics , vol.100 , Issue.4 , pp. 1169-1189
    • Rogoff, K.1
  • 107
    • 0002676859 scopus 로고
    • Rules versus authorities in monetary policy
    • Simons, H. 1936. Rules versus authorities in monetary policy, Journal of Political Economy, vol. 44, 1-30
    • (1936) Journal of Political Economy , vol.44 , pp. 1-30
    • Simons, H.1
  • 108
    • 0032469736 scopus 로고    scopus 로고
    • Multiple wage-bargaining systems in the single European currency area
    • Soskice, D. and Iverson, T. 1998. Multiple wage-bargaining systems in the single European currency area, Oxford Review of Economic Policy, vol. 14, no. 3, 110-124
    • (1998) Oxford Review of Economic Policy , vol.14 , Issue.3 , pp. 110-124
    • Soskice, D.1    Iverson, T.2
  • 109
  • 110
    • 0002635004 scopus 로고    scopus 로고
    • Optimal inflation targets, 'conservative' central banks, and linear inflation contracts
    • Svensson, L. E. O. 1997. Optimal inflation targets, 'conservative' central banks, and linear inflation contracts, American Economic Review, vol. 87, 98-114
    • (1997) American Economic Review , vol.87 , pp. 98-114
    • Svensson, L.E.O.1
  • 111
    • 0033147687 scopus 로고    scopus 로고
    • Inflation targeting as a monetary policy rule
    • Svensson, L. E. O. 1999. Inflation targeting as a monetary policy rule, Journal of Monetary Economics, vol. 43, 607-54
    • (1999) Journal of Monetary Economics , vol.43 , pp. 607-654
    • Svensson, L.E.O.1
  • 113
    • 3242762462 scopus 로고    scopus 로고
    • Comment
    • Romer, C. D. and Romer, D. H, (eds), Chicago, University of Chicago Press
    • Taylor, J. B. 1997. Comment, in Romer, C. D. and Romer, D. H (eds), Reducing Inflation, Chicago, University of Chicago Press
    • (1997) Reducing Inflation
    • Taylor, J.B.1
  • 114
    • 3242773170 scopus 로고    scopus 로고
    • Monetary policy guidelines for employment and inflation stability
    • Friedman, B. M. (ed.), Cambridge, MA, MIT Press
    • Taylor, J. B. 1998. Monetary policy guidelines for employment and inflation stability, in Friedman, B. M. (ed.), Inflation, Unemployment, and Monetary Policy, Cambridge, MA, MIT Press
    • (1998) Inflation, Unemployment, and Monetary Policy
    • Taylor, J.B.1
  • 115
    • 0003476137 scopus 로고    scopus 로고
    • (ed.) Chicago, University of Chicago Press
    • Taylor, J. B. (ed.) 1999. Monetary Policy Rules, Chicago, University of Chicago Press
    • (1999) Monetary Policy Rules
    • Taylor, J.B.1
  • 116
    • 0001792101 scopus 로고
    • Inflation and unemployment
    • March, 1-18
    • Tobin, J. 1972. Inflation and unemployment, American Economic Review, vol. 62, March, 1-18
    • (1972) American Economic Review , vol.62
    • Tobin, J.1
  • 119
    • 85010796670 scopus 로고
    • Optimal contracts for independent central bankers
    • Walsh, C. E. 1995. Optimal contracts for independent central bankers, American Economic Review, vol. 85, 150-6
    • (1995) American Economic Review , vol.85 , pp. 150-156
    • Walsh, C.E.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.