Purpose – The purpose of this paper is to make an empirical analysis concerning time-inconsistency problem (TIP) based on a sample of 12 countries for the period from 1993 to 2011. Design/methodology/approach – The existence of TIP only makes sense if there is a trade-off between inflation...

Este artículo se basa en análisis anteriores acerca de la independencia de los bancos centrales y en él se comparan las clasificaciones -resultantes de tres índices- de los bancos centrales de 15 países. De este análisis se desprende que no existe un concepto común de independencia de los...

This paper builds on earlier studies of central bank independence (CBI), making a comparison of the rankings of central banks for 15 countries through three different indices. The analysis reveals that there is no shared concept of CBI and that the indices are a measure of the inflation bias....

The effects of Central Bank independence and the rate of turnover on the Brazilian inflation. Nowadays, the belief is strong in the Brazilian federal government that operational central bank independence is a basic condition to assure price stability. The literature concerning this subject...