Abstract. The studydeals with determining the status of central banks and their formal independence in context index approach. authors argue that there is an inverse relationship between inflation level banks. It turned out expansion powers bank based on GMT-index shows a lower independence. conducted quantitative study elements peculiarities formulating bank's mandate, procedures for agreeing ...

This paper studies monetary policy when the central bank operates a channel system of interest control. We conduct our analyses in a dynamic general equilibrium model with infinitely-lived agents where money is essential for trade. We characterize the equilibrium allocation and optimal policy under two assumptions: when the central bank has the ability to force repayment of loans and when centr...

As a policymaker, the central bank both observes and shapes the economy. The central bank scrutinizes market activity to assess the state of the economy, and its policy strongly shapes market outcomes. When transparency allows the central bank to shape the economy more effectively, it may also cause the informational role of the economic aggregate to deteriorate. This paper presents a simple mo...

The purpose of this study is finding the sensitivity of central bank independence measurements on its impact on inflation in Iran. To this aim different measurements of the central bank independence were calculated using the indices of Grilli et al. (1991), Cukierman et al. (1992), Mathew (2006) and Dumiter (2009) for the period 1961-2012 . Although results of correlation between CBI index and ...