The Problematic Nature of Independent Central Banks

摘要: This chapter considers the case for Independent Central Banks (hereafter ICBs), which is rejected on grounds that it would worsen performance of real economy in terms levels rate growth aggregate output and employment. The recent debate ICBs has tended to associate such an institution with sole objective price stability (or low inflation). However, association not a necessity indeed central banks are seen as having considerable degree independence (e.g., US Federal Reserve) have been given range objectives including high