Inflation and Central Bank Independence: A Meta-regression Analysis

J.G. Klomp, J. de Haan

Research output: Contribution to journalArticleAcademicpeer-review

94 Citations (Scopus)


Using 59 studies, we perform a meta-regression analysis of studies examining the relationship between inflation and central bank independence (CBI). The studies considered are very different with respect to the CBI indicator used, the sample of countries and time periods covered, model specification, estimators used and publication outlet. We conclude that there is a significant publication bias. However, we also find a significant genuine effect of CBI on inflation. Differences between studies are not caused by differences in CBI indicators used
Original languageEnglish
Pages (from-to)593-621
JournalJournal of Economic Surveys
Issue number4
Publication statusPublished - 2010


  • macroeconomic performance
  • transition economies
  • bargaining structure
  • monetary-policy
  • commitment
  • countries
  • decentralization
  • metaanalysis
  • delegation
  • freedom


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