Professor Romelli's research paper, "Long Run Inflation: Persistence and Central Bank Independence", is co-written with Angelos Athanasopoulos and Donato Masciandaro. According to the paper's abstract, the paper: "provides novel evidence of the long-run effects of reforms in central bank independence on inflation. Using instrumental-variable local projections, we show that improvements in central bank independence have a much larger impact on inflation in the long run compared to the short run. Contrary to most of the previous literature, we also find that these long-run effects are larger in developing countries. Our results are robust to alternative local projection designs, including doubly robust and difference-in-differences specifications. Finally, we show that reforms in central design also reduce inflation persistence, reinforcing the effectiveness of monetary policy."
In Giles' Financial Times article, he references the paper when discussing the effects of reversing central bank independence. Giles writes:
Reversing independence has had nasty inflation consequences in countries that have tried it, especially in developing countries where the switch-up is often dramatic. In advanced economies, examples of central bank independence reversals are rare so the confidence intervals are large. But the paper still finds an inflation uplift of 28 per cent over a decade in the few rich-world countries that have undergone such a change.