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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.

Suggested Citation

  • Thomas VON UNGERN-STERNBERG, 2003. "Governance und Unabhängigkeit von Nationalbanken: das Beispiel der Schweizerischen Nationalbank," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 03.01, Université de Lausanne, Faculté des HEC, DEEP.
  • Handle: RePEc:lau:crdeep:03.01
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    File URL: http://www.hec.unil.ch/deep/textes/03.01.pdf
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    References listed on IDEAS

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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 F. & Spagnolo, Giancarlo, 2008. "Governing the Governors: A Clinical Study of Central Banks," CEPR Discussion Papers 6888, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    central bank; independence; accountability; profit distribution;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • H73 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Interjurisdictional Differentials and Their Effects

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