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Governance und Unabhängigkeit von Nationalbanken: das Beispiel der Schweizerischen Nationalbank

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  • Thomas VON UNGERN-STERNBERG

Abstract

We argue that there is a natural trade-off between the independence and the accountability of a central bank. Economist's emphasis on the independence aspect has contributed to creating situations, where the central banks' accountability is largely deficient. Attempts to resolve this issue by giving the central bank a clear legal mandate are no solution. A central bank with insufficient accountability can violate its legal mandate. We illustrate this by comparing the lagela rules defining the Swiss central bank's profit distribution with its actual behaviour over the last 3 decades.

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Bibliographic Info

Paper provided by Université de Lausanne, Faculté des HEC, DEEP in its series Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) with number 03.01.

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Length: 16 pages
Date of creation: Feb 2003
Date of revision:
Handle: RePEc:lau:crdeep:03.01

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Postal: Université de Lausanne, Faculté des HEC, DEEP, Internef, CH-1015 Lausanne
Phone: ++41 21 692.33.64
Fax: ++41 21 692.33.05
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Web page: http://www.hec.unil.ch/deep/publications/cahiers/series
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Keywords: central bank; independence; accountability; profit distribution;

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  1. Frey, Bruno S. & Schneider, Friedrich, 1981. "Central bank behavior : A positive empirical analysis," Journal of Monetary Economics, Elsevier, vol. 7(3), pages 291-315.
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Cited by:
  1. Frisell, Lars & Roszbach, Kasper & spagnolo, giancarlo, 2008. "Governing the Governors: A Clinical Study of Central Banks," Working Paper Series 221, Sveriges Riksbank (Central Bank of Sweden).

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