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INFLATION AND CENTRAL BANK INDEPENDENCE: A META‐REGRESSION ANALYSIS
Author(s) -
Klomp Jeroen,
De Haan Jakob
Publication year - 2010
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/j.1467-6419.2009.00597.x
Subject(s) - meta regression , inflation (cosmology) , economics , independence (probability theory) , econometrics , meta analysis , estimator , sample (material) , central bank , regression analysis , publication bias , regression , statistics , monetary policy , macroeconomics , mathematics , medicine , physics , chemistry , chromatography , theoretical physics
Using 59 studies, we perform a meta‐regression analysis of studies examining the relationship between inflation and central bank independence (CBI). The studies considered are very different with respect to the CBI indicator used, the sample of countries and time periods covered, model specification, estimators used and publication outlet. We conclude that there is a significant publication bias. However, we also find a significant genuine effect of CBI on inflation. Differences between studies are not caused by differences in CBI indicators used.