Replication data for: Partially Independent Central Banks, Politically Responsive Governments, and Inflation: Central Banks, Governments, and Inflation

They imply that inflation in any given country-time will be a weighted average of what it would be if the central bank completely controlled monetary policy and what it would be if the government completely controlled it, with the degree of central bank independence weighting the former.

An equation embodying this theoretical expectation is estimated by constrained least-squares from a time-series c ross-section of inflation rates in developed democracies since the Bretton Woods era. The results confirm that the anti-inflationary benefit of central bank independence is not constant but rather depends on every variable in the broader political-economic environment to which wholly autonomous central banks and governments would respond differently.