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Central Bank independence and monetary discipline: skeptical observations

Author

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  • Fernando J. Cardim de Carvalho

Abstract

Orthodox conventional wisdom related to monetary policy in the 1990s presentsthe independence of central banks as a condition for achieving durable price stability, as it didwith respect to the adoption of fixed rules for monetary growth in the 1980s. The paper proceedsto a critical examination of the arguments, in which it is concluded that, besides the undesirablepolitical implications of the proposal, the thesis is too dependent on specious and fragileconcepts as the natural rate of unemployment and the allegedly inherent inflationary biasof monetary authorities as well as on a very narrow view of the role of monetary authorities. JEL Classification: E58; E52.

Suggested Citation

  • Fernando J. Cardim de Carvalho, 1995. "Central Bank independence and monetary discipline: skeptical observations," Brazilian Journal of Political Economy, Center of Political Economy, vol. 15(4), pages 600-608.
    • Handle: RePEc:ekm:repojs:v:15:y:1995:i:4:p:600-608:id:1261
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    More about this item

    Keywords

    Monetary policy; central bank autonomy; political economy;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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