Does independence matter? The case of the Colombian Central Bank

"Why has Colombia been a case of low output variability and moderate-to-high inflation? This paper argues that regardless of the institutional arrangement, monetary authorities have stabilized the business cycle, and inflation control has not been the only objective of monetary policy. The government-controlled Junta Monetria (1963-1991) often ignored the advice of the Asesores, an anti-inflation group of technocrats who had no coting powers."