﻿[9] Those papers showed a clear negative correlation between average inflation and central bank independence, and this result was influential in the changes to central bank independence that occurred around this time.
Stan and I drilled down empirically into what particular aspects of central bank independence underpinned this correlation and concluded that inflation performance is likely to be better if there is goal dependence and instrument independence. Before discussing how these foundations stand up to scrutiny two decades later, I will spend some time talking about the overlap between central bank independence and inflation targeting.