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Fahim Al Marhubi
''Individualism and Inflation''
( 2021, Vol. 41 No.4 )
This paper examines the relationship between the individualism-collectivism dimension of culture and inflation for 100 countries from 1972 to 2011. The results indicate that individualism has a strong causal negative effect on inflation. Individualism also strengthens the effectiveness of central bank independence in promoting low inflation. These findings are robust to estimation methods, sample composition, measures of individualism and inclusion of controls.
Keywords: Culture, Individualism, inflation
JEL: E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Z1 - Cultural Economics; Economic Sociology; Economic Anthropology: General
Manuscript Received : Jun 05 2021 Manuscript Accepted : Dec 29 2021

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