Central bank accountability and independence: Are they inconsistent?
AbstractThe language of discretion offers little information about monetary policy beyond the assurance that policymakers always “do the right thing at the right time”. This language renders problematic the reconciliation of central bank independence with accountability. Monetary policymakers should articulate an analytical framework using the language of economics that allows them to respond to the question, “What variables does the central bank control and how does it exercise that control”.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Macroeconomics.
Volume (Year): 34 (2012)
Issue (Month): 3 ()
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Web page: http://www.elsevier.com/locate/inca/622617
Central bank; Monetary policy; Political economy of money; Federal Reserve System;
Find related papers by JEL classification:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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