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The limits of `independence' and the policy of the ECB^

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James Forder ()

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Abstract

It is argued that the European Central Bank's independence is not as secure as it seems and that as a result it has appreciable institutional incentives to protect and enhance its position. It follows that its behaviour should not be understood as being solely determined by the pursuit of price stability. One consequence is that certain points on which it has been criticised on the basis that its approach makes for ineffective monetary policy might be better understood as, often effective, attempts to protect its position. Another is that making a central bank (or any other institution) “completely independent'' may be much harder than it seems, and failed attempts, which come close, are not necessarily to be preferred, even by the advocates of independence, to less ambitious designs. Copyright Springer Science + Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s11127-005-3057-8
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Publisher Info
Article provided by Springer in its journal Public Choice.

Volume (Year): 125 (2005)
Issue (Month): 3 (December)
Pages: 431-444
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Handle: RePEc:kap:pubcho:v:125:y:2005:i:3:p:431-444

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Pierce, James L., 1978. "The myth of congressional supervision of monetary policy," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 363-370, April. [Downloadable!] (restricted)
  2. Dorothee Heisenberg, 2003. "Cutting the Bank Down to Size: Efficient and Legitimate Decision-making in the European Central Bank After Enlargement," Journal of Common Market Studies, Blackwell Publishing, vol. 41(3), pages 397-420, 06. [Downloadable!] (restricted)
  3. Grier, Kevin B., 1991. "Congressional influence on U.S. monetary policy : An empirical test," Journal of Monetary Economics, Elsevier, vol. 28(2), pages 201-220, October. [Downloadable!] (restricted)
  4. Willem H. Buiter, 1999. "Alice in Euroland," Journal of Common Market Studies, Blackwell Publishing, vol. 37(2), pages 181-209, 06. [Downloadable!] (restricted)
  5. Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting EMU's Stability Pact: A Pragmatic Way Forward," Oxford Review of Economic Policy, Oxford University Press, vol. 19(1), pages 100-111.
  6. W.H. Buiter, 1999. "Alice in Euroland," CEP Discussion Papers dp0423, Centre for Economic Performance, LSE. [Downloadable!]
  7. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, Oxford University Press, vol. 6(3), pages 353-98, September.
  8. Adam S. Posen, 1995. "Declarations Are Not Enough: Financial Sector Sources of Central Bank Independence," NBER Chapters, in: NBER Macroeconomics Annual 1995, Volume 10, pages 253-274 National Bureau of Economic Research, Inc. [Downloadable!]
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  1. Andreas Freytag & Friedrich Schneider, 2007. "Monetary Commitment, Institutional Constraints and Inflation: Empirical Evidence for OECD Countries since the 1970s," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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