9  See, e.g., Brunnermeier, M., and Y. Sannikov, 2010, A macroeconomic model with a financial sector, Princeton University working paper; and He, Z., and A. Krishnamurthy, 2010, A model of capital crises, Northwestern University working paper. 8  BIS central bankers’ speeches  Conclusions Let me now conclude.
25 (May), pp. 151–62. More recent research finds the relationship to be less solid, however, in part because independent central banks have in several cases been instituted precisely because economic performance has been subpar; for example, see Christopher Crowe and Ellen E. Meade (2007), “The Evolution of Central Bank Governance around the World,” Journal of Economic Perspectives, vol. 21 (4), pp.