Before revision:  We develop a causal model that summarizes the economic process of inflation and estimate the effect of CBI on inflation with modern doubly robust effect estimation techniques.
After revision:  We develop a causal model that summarizes the economic process of inflation . Based on this causal model and recent data, we discuss and identify the assumptions under which the effect of central bank independence on inflation can be identified and estimated. Given these and alternative assumptions, we estimate this effect using modern doubly robust effect estimation techniques.