An outdated past? Central Bank Independence in the 21st century
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TexteLangue : français Détails de publication : 2024.
Ressources en ligne : Abrégé : Central bank independence (CBI) is based on theoretical foundations that date back to the 1920s. We argue that this institutional arrangement may have lost its relevance in the twenty-first century. Indeed, the increasing interventions of central bankers in the economy diverges from the ideal of neutrality that goes hand in hand with this independence. Compelled to take distributive actions on inequality and climate change, central bankers may well be pushing CBI into crisis.
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Central bank independence (CBI) is based on theoretical foundations that date back to the 1920s. We argue that this institutional arrangement may have lost its relevance in the twenty-first century. Indeed, the increasing interventions of central bankers in the economy diverges from the ideal of neutrality that goes hand in hand with this independence. Compelled to take distributive actions on inequality and climate change, central bankers may well be pushing CBI into crisis.
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