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An൭elko Lojpur, Ana Aleksić, Sanja Vlahović, Mirjana Pejić Bach and Sanja Peković

1. Ali, H., & Ali, H. (2011). Demographics and spiritual leadership: Empirical evidence from Pakistan. Business and Management Review , 1(10), 36-42. 2. Ansari, A. H., & Naeem, F. (2010). Different leadership styles across hierarchical levels: A case study on Indian automobile industry. Asia Pacific Business Review , VI(3), 115-123. 3. Barbuto Jr., J. E, Fritz, S. M., Matkin, G. S., & Marx, D. B. (2007). Effects of gender, education, and age upon leaders' use of influence tactics and full range leadership behaviors. Sex Roles , 56(1/2), 71-83. http

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Živa Veingerl Čič and Simona Šarotar Žižek

). Strategies for managing talent in a multigenerational workforce. Employment Relations Today (Wiley), 34 (4), 19 – 26. https://doi.org/10.1002/ert.20172 Kupperschmidt, B. R. (2000). Multigenerational employees: Strategies for effective management. The Health Care Manager, 19 (1), 65–76. https://doi.org/10.1097/00126450-200019010-00011 Landry, D. J. (2009). Effects of generational and gender differences on the use of influence tactics. Dissertation Abstracts International: Section A. Humanities and Social Sciences, 70 (2), 613. Leterme, Y. (2014

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Robert Horvat

). Dispositional effects in intra-organizational influence tactics: A meta-analytic review. Journal of Leadership & Organizational Studies , 12 (3), 30-48. https://doi.org/10.1177/107179190601200303 Belski, W. H., Beams, J. D., & Brozovsky, J. A. (2008). Ethical judgments in accounting: an examination on the ethics of managed earnings. Journal of Global Business Issues, 2 (2), 59 – 68 Benet-Martinez, V., & John, O. P. (1998). Los Cinco Grandes across cultures and ethnic groups: Multitrait-multimethod analyses of the big five in Spanish and English. Journal of

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Florin Dumiter, Petre Brezeanu, Claudia Radu and Florin Turcas

Abstract

Central bank independence represents the core element of assessing the complex relationship between government and central bank, having at background the fundamental issue of a free monetary policy decision-making process from the hands of the political circle. However, central bank independence is a multilevel concept within some social, economic and behavioral implications both for the central banks and for the society at whole. Central bank independence is needed in order to establish an autonomous central bank with a high degree of freedom in choosing its’ instruments, objectives, techniques and tactics. Moreover, a high degree of transparency for the public disclosure and monitoring of central bank operation and transaction is needed for the social barometer of the central bank. Consequently the central bank must have a high degree of accountability and responsibility vis - á - vis of the most democratic institution, i.e. Parliament. In this article it is presented a comprehensive study regarding the complex relationship between central bank independence and inflation by modeling these two monetary policy panacea, in order to make a fine tuning regarding the causal relationship established in a heterodox manner.