Inflation Aversion in Europe

TL;DR: In this article, the authors present a number of arguments that question some aspects of the conventional view of central bank independence and argue CBI is neither necessary nor sufficient for reaching monetary stability.

TL;DR: No single definition of CBI is right for all countries. CBI is a complex combination of de jure and de facto characteristics. No single mix uniquely defines CBI.

TL;DR: In this article, the authors critically review the argument for central bank independence and argue that CBI is neither necessary nor sufficient for reaching monetary stability, and that CBI should not be treated as an exogenous variable, but instead attention should be devoted to the question of why central banks are made independent.