Note: Indices calculated by Bodea and Hicks (2015) and Garriga (2016). Index values in Bodea and Hicks (2015) refer to 2014 (data for the ECB refers to 2010); index values in Garriga (2016) refer to 2012. The values correspond to the unweighted indices of central bank independence. Values closer to 1 indicate higher levels of independence.
France, Germany and Italy are excluded from the sample given that the ECB is included. Yet, many years of low and stable inflation have led to memories fading, particularly among young people, of just how bad a general and persistent rise in the price level can be for society at large. Many young people have never experienced inflation.