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2012•Economie teoretică şi aplicatăOpen access

Central Bank independence

Vasile Dedu, Tiberiu Stoica

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Abstract

In this paper we present the key aspects regarding\ncentral bank’s independence. Most economists consider that the factor\nwhich positively influences the efficiency of monetary policy measures is\nthe high independence of the central bank. We determined that the\nNational Bank of Romania (NBR) has a high degree of independence.\nNBR has both goal and instrument independence. We also consider that\nthe hike of NBR’s independence played an important role in the\nsignificant disinflation process, as headline inflation dropped inside the\ntargeted band of 3% ± 1 percentage point recently.

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What this paper is about

In this paper we present the key aspects regarding\ncentral bank’s independence. Most economists consider that the factor\nwhich positively influences the efficiency of monetary policy measures is\nthe high independence of the central bank. We determined that the\nNational Bank of Romania (NBR) has a high degree of independence.\nNBR has both goal and instrument independence. We also consider that\nthe hike of NBR’s independence played an important role in the\nsignificant disinflation process, as headline inflation dropped inside the\ntargeted band of 3% ± 1 percentage point recently.

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Available abstract

In this paper we present the key aspects regarding\ncentral bank’s independence. Most economists consider that the factor\nwhich positively influences the efficiency of monetary policy measures is\nthe high independence of the central bank. We determined that the\nNational Bank of Romania (NBR) has a high degree of independence.\nNBR has both goal and instrument independence. We also consider that\nthe hike of NBR’s independence played an important role in the\nsignificant disinflation process, as headline inflation dropped inside the\ntargeted band of 3% ± 1 percentage point recently.

Key concepts: Independence (probability theory), Monetary policy, Central bank, Economics, Monetary economics, Forward guidance, Inflation targeting, Financial system

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