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This document is a thesis submitted by Michael B. Abramowicz to Amherst College in partial fulfillment of the requirements for a Bachelor of Arts degree with honors in economics. It examines the theoretical and empirical relationship between central bank independence and output stabilization. The thesis acknowledges those who provided guidance and support during its development, including the faculty advisor and others who provided advice, references, and distractions from work. It contains an introduction outlining the issues to be examined, followed by planned chapters on the time-inconsistency problem in monetary policy, a macroeconomic model of central bank independence, previous studies on the topic, measures of stabilization performance and shock severity, results of testing those measures, and conclusions.
This document is a thesis submitted by Michael B. Abramowicz to Amherst College in partial fulfillment of the requirements for a Bachelor of Arts degree with honors in economics. It examines…