THE EFFECTIVENESS OF CENTRAL BANK INDEPENDENCE VERSUS POLICY RULES

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SALARIAN MOHAMMAD; MONSEF SHEMORDEH SAHAR

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Paper Information

Journal: TREND (TREND OF ECONOMIC RESEARCH) Year:2015 | Volume:22 | Issue:69 Page(s): 131-154

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Title

THE EFFECTIVENESS OF CENTRAL BANK INDEPENDENCE VERSUS POLICY RULES

Author(s)

SALARIAN MOHAMMAD | MONSEF SHEMORDEH SAHAR | Issue Writer Certificate

Keywords

MA. ECONOMICSQ2

EXPERTQ3

ECONOMIC ACCOUNTS OFFICEQ2

STATISTICAL CENTER OF I.R.I.Q2

Abstract

This paper assesses the relative effectiveness of Central Bank independence versus policy rules for the policy instruments in bringing about good economic performance. It examines historical changes in (1) macroeconomic performance, (2) the adherence to rules-based monetary policy, and (3) the degree of Central Bank independence. Macroeconomic performance is defined in terms of both price stability and output stability. Factors other than monetary policy rules are examined. Both de jure and de facto Central Bank independence at the Fed are considered. The main finding is that changes in macroeconomic performance during the past half century were closely associated with changes the adherence to rule-based monetary policy and in the degree of de facto monetary independence at the Fed. But changes in economic performance were not associated with changes in de jure Central Bank independence. Formal Central Bank independence alone has not generated good monetary policy outcomes. A rules-based framework is essential.

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APA: Copy

SALARIAN, MOHAMMAD, & MONSEF SHEMORDEH, SAHAR. (2015). THE EFFECTIVENESS OF CENTRAL BANK INDEPENDENCE VERSUS POLICY RULES. TREND (TREND OF ECONOMIC RESEARCH), 22(69), 131-154. SID. https://sid.ir/paper/202180/en

Vancouver: Copy

SALARIAN MOHAMMAD, MONSEF SHEMORDEH SAHAR. THE EFFECTIVENESS OF CENTRAL BANK INDEPENDENCE VERSUS POLICY RULES. TREND (TREND OF ECONOMIC RESEARCH)[Internet]. 2015;22(69):131-154. Available from: https://sid.ir/paper/202180/en

IEEE: Copy

MOHAMMAD SALARIAN, and SAHAR MONSEF SHEMORDEH, “THE EFFECTIVENESS OF CENTRAL BANK INDEPENDENCE VERSUS POLICY RULES,” TREND (TREND OF ECONOMIC RESEARCH), vol. 22, no. 69, pp. 131–154, 2015, [Online]. Available: https://sid.ir/paper/202180/en

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