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Evidence regarding the Central Bank Autonomy: From the International Consensus to the Brazilian Case

Year: 2024

Type: article

Abstract: : This paper addresses the importance of central bank autonomy in conducting monetary policy, highlighting its role in economic stability and inflation control. We discuss empirical results related to the benefits of greater central bank autonomy. In this regard, a synthesis of the evolution of knowledge that can be drawn from the related literature is provided, from international cases to the Brazilian context in particular. Although there is still no full consensus on the relative advantages of higher levels of autonomy (and independence) for central banks, the available evidence suggests that the benefits outweigh the potential social costs of this institutional progress. Keywords: Autonomy; Central Bank; Monetary Policy; Inflation; Brazil JEL Classification Number: E50; E58

Source: Zenodo (CERN European Organization for Nuclear Research)

DOI: 10.5281/zenodo.13958203

Authors: Gustavo de Carvalho Machado, Ricardo Ramalhete Moreira

Institution: Universidade Federal do Espírito Santo

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W6930691754

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