The inflation-central bank independence nexus: Where do MENA countries stand?

Abstract

Inflation and its dynamics have been always capturing the attention of economic scholars and policymakers worldwide. Numerous theories in economic literature tried to define the concept of inflation by suggesting different sides of the phenomenon-by evoking the cost-push inflation side, the demand-pull, or both sides. Potential determinants of inflation discussed in the literature are diverse (see, e.g., Ben Ali and Ben Mim, 2011). The general consensus is to define inflation by its symptoms, as a persistent rise in the general price level in a given economy.