1 Data through 1991 applies to West Germany only.
2 Based on the revised consumer price index for united Germany introduced in September 1995.
3 See  Adenauer’s famous “Gurzenich address” to the Federal Association of German Industry, Cologne, 23 May 1956.
4 D. Hoffman, “Zur Unabhanhgigkeit der Deutschen Bundesbank” ( “On the independence of the Deutsche Bundesbank”), in E. Stein and H. Faber (eds.).
5 See K. Acheson and J. F. Chant, “The choice of monetary instruments and the theory of bureaucracy”.  Public choice, vol.12  1972, p.13 ff.
6  Section 8 (2) of the Reserve Bank Act 1964 stipulated that the bank was to aim its policy “towards the maintenance and promotion of economic and social welfare, having regard to the desirability of promoting the highest level of production and trade, and full employment and of maintaining a stable internal price level”.
7 One must bear in mind that any index of central bank independence is subjective, and actual practices may differ significantly from statutory requirements. The point of this exercise is to show that the Reserve Bank has experienced a significant transition from almost total dependence to becoming one of the world’s most independent central banks.
8 See The Grilli et al index.
9 See Dowd and Baker “The New Zealand Monetary experience”, World Economy, vol.17, November 1994 pg. 855 – 867.
10 See John B. Taylor, “Principles of Macroeconomics”, Houghton Mifflin, 1995.