Central bank accountability and independence: Are they inconsistent?
The 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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- Robert L. Hetzel, 2008. "What is the monetary standard, or, how did the Volcker-Greenspan FOMCs tame inflation?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 147-171.
- Robert L. Hetzel, 2006. "Making the systematic part of monetary policy transparent," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 255-290. Full references (including those not matched with items on IDEAS)
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