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After industrialized nations experienced major inflation declines from the mid-20th century to the early 2000 period, New Zealand is highlighted: a 1989 Reserve Bank Act combined greater independence from the central government with an explicit inflation target. The commentary argues that independence constrains short-run fiscal and political temptations that can undermine long-run price stability, supported by comparative studies of governance, financing practices, and policy objectives.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/central-bank-independence-the-key-to-price-stability/323976/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/central-bank-independence-the-key-to-price-stability/323976.png","ImageObject",300,407,{"name":92,"@type":93},"Ivy","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-22","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":29},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"为什么中央银行独立性被认为与长期低通胀有关？","Question",{"text":112,"@type":113},"文中认为，独立性帮助中央银行抵御为短期政策目标而偏离长期价格稳定目标的压力，从而在更长时期维持低通胀。","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"新西兰在1989年做了哪些改革来提升央行独立性？",{"text":117,"@type":113},"文中指出，1989年通过的《新西兰储备银行法》强化了央行相对中央政府的独立性，并设立了明确的通胀目标，同时对解职条件作了限制。",{"name":119,"@type":110,"acceptedAnswer":120},"作者如何量化并比较不同国家的央行独立性？",{"text":121,"@type":113},"作者使用了针对1955-1988与1988-2000的两项研究，并从多项共同因素衡量独立性，包括工具/目标独立程度、政府债务融资方式、行长任期长度，以及通胀稳定与产出稳定的相对权重。","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},323976,1790375375,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":29,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},549758252649,"https://ap-avatar.wpscdn.com/avatar/8000253669c5317157?_k=1778319167496531819","# Central Bank Independence:The Key to Price Stability?\n\nby Charles T.Carlstrom and Timothy S.Fuerst  \nIndstialized nations have achieved a  \nremarkable decline in inflation:Theiraverage annual rate tumbled from  \n5.6%in the 1955-88 period to 2.7%in1988-2000(see figure 1).One of themost extraordinary success stories isNew Zealand,whose average annualinflation plummeted from 7.6%in theearlier period to 2.7%in the later one.Many commentators have atributed thisimprovement to inflation targeting,which New Zealand instituted in 1989,but it would be premature to creditinflation targeting alone.  \nThe turning point was the 1989 passageof the Reserve Bank of New ZealandAct,which incorporated two fundamen-tal reforms:First,it gave the ReserveBank greater independence from thecentral government.Second.it estab-lished an explicit inflation target,becoming the first of many countriesto do so.Once considered the leastindependent of central banks,NewZealand's now ranks among the moreindependent ones.  \nThis Economie Commentary suggeststhat greater independence has been thekey factor in New Zealand's inflationsuccessFurthermore,it was not the onlynation to grant its central bank moreindependence.Others followed suit,andincreased independence is,perhaps,responsible for a decline of nearly twopercentage points in the average infla-tion rate for the industrialized nationsas awhole.  \n# ■  Advantages of central bankindependence\n\nThe hallmark of good central banking ismaintaining low levels of inflation overextended periods.But what institutionalstructure is most likely to achieve and  \npreserve low inflation?Central banksare considered more independent whenthey can resist the pressure to makeshort-term policy decisions that are atodds with their long-term objectives.Central banks gain independence chieflythrough institutional reforms such aslong-term appointments for central bankgovernors,for example;explicit inflationtargets;and a combination of institu-tional reforms and targeting.The ele-ment common to both inflation targetingand central bank independence is con-straint of the fiscal authority's behavior.  \nAt first glance,it is hard to see anybenefit in imposing constraint on one-self.But most of us need some sort ofcommitment in the face of temptation,whether it in the form of Ulysses havinghimself lashed to the mast to resist thelure of the sirens,or moving the alarmclock to the far side of the room to with-stand the yearning for extra sleepSuchconstraints inhibit people from actingin their short-term interest,recognizingthat actions that seem optimal in theshort term may be undesirable in thelong term.  \nThe same is true of the fiscal authority,which may be tempted to inflate in theshort run to deliver,say,a more favorableexchange rate,a higher output rate,or alower level ofinflation-adjusted debt.These short-run temptations may contra-vene the goal of long-run price stability,so it may be in society's best interest togrant monetary policy power to an inde-pendent,far-sighted central bank.  \nBecause we are interested in the evolu-tion of independence over time,thisCommentary uses two different studiesof central banks'independence in indus-trialized nations,one for 1955-1988 and  \nLow inflation over long periods is thesign of an effective central bank.Theauthors suggest that a large fractionof the worldwide decline in inflationsince the early 1980s results from aninternational movement toward moreindependent central banks.  \none for 1988-2000.Economic growthhas increased the number of industrial-ized nations,so the later sample is largerthan the earlier one.To measure inde-pendence,these two studies considerseveral common factors,including theextent of instrument and/or target inde-pendence,the central bank's practicesfor financing government debt,thelength of governors'terms,and the rela-tive importance ofinflation stabilizationand output stabilization.  \nGovernments use various institutionalmeans to implement independence.Forexample,in ","cbCaikHb1Gu5ObbQ","https://ap.wps.com/l/cbCaikHb1Gu5ObbQ","pdf",1062184,"English","# Central Bank Independence: The Key to Price Stability?\n## Advantages of central bank independence\n## Quantifying inflation success\n## The New Zealand example","[{\"question\":\"为什么中央银行独立性被认为与长期低通胀有关？\",\"answer\":\"文中认为，独立性帮助中央银行抵御为短期政策目标而偏离长期价格稳定目标的压力，从而在更长时期维持低通胀。\"},{\"question\":\"新西兰在1989年做了哪些改革来提升央行独立性？\",\"answer\":\"文中指出，1989年通过的《新西兰储备银行法》强化了央行相对中央政府的独立性，并设立了明确的通胀目标，同时对解职条件作了限制。\"},{\"question\":\"作者如何量化并比较不同国家的央行独立性？\",\"answer\":\"作者使用了针对1955-1988与1988-2000的两项研究，并从多项共同因素衡量独立性，包括工具/目标独立程度、政府债务融资方式、行长任期长度，以及通胀稳定与产出稳定的相对权重。\"}]","Central Bank Independence - The Key to Price Stability | PDF",1789966712,13]