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Please use this identifier to cite or link to this item: http://hdl.handle.net/2237/11432

Title: 中央銀行の独立性、インフレーションおよび実体経済
Other Titles: Central Bank Independence, Inflation,and Real Economic Performance
Authors: 小林, 照義
Kobayashi, Teruyoshi
Issue Date: 30-Sep-2002
Publisher: 名古屋大学経済学会
Citation: 経済科学. v.50, n.2, 2002, p.111-121
Abstract: This paper investigates the issue of central bank independence and lnacroeconomic perfomance with a simple Barro-Gordon model. As an index of central bank independence, the weight placed on interest rate stabilization is considered. It shows that if there exists political pressure on the monetary authority, which is described as the requirelnent for real interest rate, then the inflation bias will become large under a certain assumption and the stabilization of economic disturbances will be distorted. It also shows that the degree of central bank independence is negatively correlated with the average and variance of the inflation rate, while the relationship between independence and output variability remains an1biguous. These conclusions are consistent with many elnpirical studies.
URI: http://hdl.handle.net/2237/11432
ISSN: 0022-9725
selfDOI: 10.18999/ecos.50.2.111
Appears in Collections:経済科学 (The Economic Science)

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