Central Bank Independence: An Update of Theory and Evidence
综述了央行独立性的最新研究，区分了独立性与保守性，讨论了内生通胀偏差的研究，并回应了以往实证发现的挑战，结论是央行独立性与通胀的负相关关系相当稳健。
This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, research in which the inflationary bias is endogenised is reviewed. Finally, the various challenges that have been raised against previous empirical findings on CBI are discussed. We conclude that the negative relationship between CBI and inflation is quite robust.