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There have been many papers (both theoretical and empirical)

Central bank independence (CBI) has long been considered a key aspect of effective monetary policy, as it allows central banks to make decisions free from political interference. However, the global financial crisis of 2007–2008 and recent events such as the COVID-19 pandemic and armed conflict in Ukraine have threatened CBI. This article aims to examine the impact of these events on CBI in OECD member countries, both on a de jure and de facto level, using a variety of indicators. The results suggest that CBI has largely remained unchanged in most countries, but there is disturbing evidence of political interference in CBI in the Republic of Türkiye.

This chapter deals with the question whether there is a relationship between the marginal propensity to consume and the status of the household in income distribution represented by a relative income. If so, then the current assumption of mainstream theory of consumption about the constant marginal propensity to consume could no longer be considered realistic and it will be necessary to take the element of relative income as a new key determinant of general consumption function. The aim of this work is to identify, describe, and prove an influence of relative income on the marginal propensity to consume using data for urban residents of Shanghai and to prove the correctness of Duesenberry's relative income hypothesis. To achieve this goal, we use a panel regression, through which the results clearly confirm the validity of the initial hypothesis about the existence of functional dependence of the marginal propensity to consume on the relative income and so it fully supports the idea of interdependent concept of utility and consumption.