Fernández-Albertos J. (2015) The Politics of Central Bank Independence. Annual Review of Political Science 18: 217-237

Abstract. This article reviews recent contributions addressing the following questions: Under what circumstances is monetary policy delegated to politically independent central banks? What effects do these politically independent institutions have, and how do they interact with their macroeconomic institutional environment? What explains the variation in their behavior? And finally, to what extent has the recent economic crisis altered the role of these institutions? In answering these questions, this article advances two arguments.