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The Changing Political Economy of Inflation

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  • Kaltenthaler, Karl C.
  • Anderson, Christopher J.

Abstract

A type of conventional wisdom has developed among many scholars that industrialized countries with independent central banks produce lower relative inflation rates than countries that do not have these institutions. We argue that the relative importance of central bank independence for fighting inflation changed fundamentally from the 1970s to the 1980s as a result of experiences in the advanced industrialized democracies, which led both Right and Left governments to move toward more neo-liberal macroeconomic policies. As governments made price stability more of a priority, the anti-inflationary effects of independent central banks would become much less pronounced. This hypothesis is tested and confirmed in the study in a multi-variate regression analysis using data from eighteen industrialized democracies.

Suggested Citation

  • Kaltenthaler, Karl C. & Anderson, Christopher J., 2000. "The Changing Political Economy of Inflation," Journal of Public Policy, Cambridge University Press, vol. 20(2), pages 109-131, August.
    • Handle: RePEc:cup:jnlpup:v:20:y:2000:i:02:p:109-131_00
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    Cited by:

    1. Paresh Kumar Narayan & Seema Narayan & Sagarika Mishra, 2011. "Do Remittances Induce Inflation? Fresh Evidence from Developing Countries," Southern Economic Journal, John Wiley & Sons, vol. 77(4), pages 914-933, April.

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