Recently, the remarkable trend upon central bank independence and the efficient monetary policy were seriously highlighted in the monetary economics field. Starting from 1990s’ central bank independence was at the core of policy making and central banking problems, because of the widespread...

This paper analyzes a new index for measuring central bank independence and inflation targeting in order to evaluate and assess the impact of central bank’s independence level upon the macroeconomic performance. The new index for measuring central bank independence and inflation targeting has...

In the economic literature we can identify six widely used indices or measures for legal independence: Bade & Parkin (1988); Alesina (1988, 1989); Grilli, Masciandaro & Tabellini (1991); Eijffinger & Schaling (1993); Cukierman (1992) and Cukierman, Webb & Neyapti (1992).All these indices of...

There is a widespread agreement among central bankers around the world that the stability of the national currency should be entrusted to independent central banks. There are two arguments supporting this idea: 1. to achieve macroeconomic stability, a low and stable inflation is required, an...