The Sensitivity of Central Bank Independence Measurements to Inflation in Iran: A New Approach

The purpose of this study is finding the sensitivity of central bank independence measurements on its impact on inflation in Iran. To this aim different measurements of the central bank independence were calculated using the indices of Grilli et al. (۱۹۹۱), Cukierman et al. (۱۹۹۲), Mathew (۲۰۰۶) and Dumiter (۲۰۰۹) for the period ۱۹۶۱-۲۰۱۲ . Although results of correlation between CBI index and inflation shows that there is a negative correlation between all CBI index and inflation, but the estimated results using the Autoregressive Distributed Lag (ARDL) show except for the index of Grilli et al. (۱۹۹۱) other indices have similar short run and long run significant negative effect on the inflation in Iran. So the CBI have the sensitivity to definition. Also, results of estimation shows that there isn’t any significant differences between the impact of Cukierman et al. (۱۹۹۲), Mathew (۲۰۰۶) and Dumiter (۲۰۰۹) index on the inflation. So this indices can be used interchangeably.

کلیدواژه ها:

Central Bank Independence ، Sensitivity analysis ، ARDL ، Iran