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Central bank independence, a not so new idea in the history of economic thought: a doctrine in the 1920s

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  • Adriano Do Vale

    (CEPN - Centre d'Economie de l'Université Paris Nord - Université Sorbonne Paris Nord, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Central bank independence (CBI) has been a prominent topic for decades, but remains relatively unexplored in the history of economic thought. Relevant literature is scarce and focuses on the post-war period. To extend this literature, I argue that there was a doctrine of CBI in the 1920s. I examine its development from an international recommendation and a principle of the central banking doctrine designed by the British governor Norman to the elaborate doctrine of Kisch & Elkin. The paper's main contribution is a detailed analysis of the doctrine of CBI provided in their reference book on central banking.

Suggested Citation

  • Adriano Do Vale, 2021. "Central bank independence, a not so new idea in the history of economic thought: a doctrine in the 1920s," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-05559485, HAL.
    • Handle: RePEc:hal:cesptp:hal-05559485
    DOI: 10.1080/09672567.2021.1908393
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