The Impact of Institutional Arrangements on Inflation1
نویسندگان
چکیده
We investigate the influence o f institutional arrangements on inflation in 18 OECD countries. The factors considered are, on the on hand institutional constraints on monetary policy such as the independence o f the Central Bank and commitment to fixed exchange rates and on the other political factors such as ideological and re-election motives. We find that an independent Central Bank has a disinflationary effect, whereas fixed exchange rates have no influence. Above a threshold value, the independence o f the Central Bank becomes effective. The ideological colour o f the government is measured by a new proxy that is more precise than those used in related studies. The use of this proxy changes the results significantly.
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