NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

When Does Policy Reform Work? The Case of Central Bank Independence

Daron Acemoglu, Simon Johnson, Pablo Querubin, James A. Robinson

NBER Working Paper No. 14033
Issued in May 2008

---- Acknowledgements -----

Prepared for the Brookings Papers on Economic Activity. We are grateful to Ioannis Tokatlidis for help in constructing the data, to Marco Arnone for sending us his data, and to Alberto Alesina, David Romer and Larry Summers for detailed comments. We are also grateful to seminar participants at the CIFAR, the MIT Macro Lunch and in the Brookings conference and to Marios Angeletos, Olivier Blanchard, Timothy Besley, Torsten Persson, and Guido Tabellini for comments and suggestions. Finally we thank Jeffrey Frieden for several very helpful converstaions and Lawrence Broz for guidance to the literature. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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