Does high inflation cause central bankers to lose their job? Evidence based on a new data set

This paper introduces new data on the term in office of central bank governors in 137 countries for 1970-2004. Our panel models show that the probability that a central bank governor is replaced in a particular year is positively related to the share of the term in office elapsed, political and regime instability, the occurrence of elections, and inflation. The latter result suggests that the turnover rate of central bank governors (TOR) is a poor indicator of central bank independence. This is confirmed in models for cross-section inflation in which TOR becomes insignificant once its endogeneity is taken into account

Moments of Nucleon Light Cone Quark Distributions Calculated in Full Lattice QCD

Moments of the quark density, helicity, and transversity distributions are calculated in unquenched lattice QCD. Calculations of proton matrix elements of operators corresponding to these moments through the operator product expansion have been performed on $16^3 \times 32$ lattices for Wilson fermions at $\beta = 5.6$ using configurations from the SESAM collaboration and at $\beta = 5.5$ using configurations from SCRI. One-loop perturbative renormalization corrections are included. At quark masses accessible in present calculations, there is no statistically significant difference between quenched and full QCD results, indicating that the contributions of quark-antiquark excitations from the Dirac Sea are small. Close agreement between calculations with cooled configurations containing essentially only instantons and the full gluon configurations indicates that quark zero modes associated with instantons play a dominant role. Naive linear extrapolation of the full QCD calculation to the physical pion mass yields results inconsistent with experiment. Extrapolation to the chiral limit including the physics of the pion cloud can resolve this discrepancy and the requirements for a definitive chiral extrapolation are described.Comment: 53 Pages Revtex, 26 Figures, 9 Tables. Added additional reference and updated referenced data in Table I