Donato Masciandaro, Davide Romelli, 28 August 2015

Since the onset of the Global Crisis, a number of central bank reforms have been implemented. This column suggests that since the Crisis, a silent restoration towards lower central bank independence might have been in place. The trend is more pronounced in non-OECD countries and, in particular, for the level of operational independence. The findings suggest that governments might be willing to trade off central bank independence to cope with concerns regarding financial stability, high debt and unemployment levels.

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