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Central Bank Accountability – Reevaluation and Perspectives

Author

Listed:
  • Dumiter Florin Cornel

    (”Vasile Goldi?” Western University of Arad, Faculty of Economic Sciences)

  • Pãiu?an Lumini?a

    (”Vasile Goldi?” Western University of Arad, Faculty of Economic Sciences)

  • ?oim Hora?iu Florin

    (”Vasile Goldi?” Western University of Arad, Faculty of Economic Sciences)

Abstract

The economic literature regarding central banking and monetary policy suggest that the response of a standard monetary policy as a response to an inflationary bias, caused by a discretionary monetary policy represents the delegation of a monetary policy to an independent institution, which is directly linked and subsequent connected with the accountability concept. As we can notice, the accountability and responsibility terms are, ceteris paribus, supplementary. An individual person which is in charge of a task in his domain becomes, sequi, responsible for fullfiling it. An institution is responsible over the law for the fullfilment of a task an it’s accountable in the situation in which she need’s to justify it’s actions. The central bank is entrusted with the monetary policy process, which, in the first place, becomes resposible, and, subsequent, becomes accountable for it’s actions.

Suggested Citation

  • Dumiter Florin Cornel & Pãiu?an Lumini?a & ?oim Hora?iu Florin, 2012. "Central Bank Accountability – Reevaluation and Perspectives," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1392-1397, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:12:p:1392-1397
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    More about this item

    Keywords

    central bank independence; monetary policy transmission mechanism; inflation expectations; ex ante control; communication process.;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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