Prior to the Global Financial Crisis (GFC), central bank independence was a hot topic among price stability advocates. Price stability can be maintained by a conservative central banker who is not swayed by the government's economic policy. Central bankers' reactions to the Great Recession appear to imply a different approach to monetary policy strategy. The empirical results for five nations using the Engel Granger cointegration technique reveal that consistent cointegration of series from 2000 to 2006-2007 did not continue in the second half of the sample period. The goal of this chapter is to look at the impact of changes in central bank monetary policy strategies.
Author (S) Details
Mehdi Monadjemi
School of Economics, University of New South Wales, Australia.
Kyung H. Yoon
Economics and Finance, University of Western Sydney, Australia.
John Lodewijks
S P Jain School of Global Management, Australia.
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