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  3. Reconsidering Central Bank Independence
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  • Publisher:
    Cambridge University Press
    Publication date:
    April 2024
    May 2024
    ISBN:
    9781108681186
    9781108493291
    DOI:
    https://doi.org/10.1017/9781108681186
    Dimensions:
    (229 x 152 mm)
    Weight & Pages:
    0.529kg, 266 Pages
    Dimensions:
    Weight & Pages:
    • Subjects:
    Economics, Economic Theory, Political Economy, Politics and International Relations
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    Subjects:
    Economics, Economic Theory, Political Economy, Politics and International Relations
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    Book description

    Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering Central Bank Independence argues that the global financial crisis has undermined confidence in this view as central banks increasingly have to address concerns other than price stability, such as financial stability, the need for output recovery and other broader policy goals. Large balance-sheet expansion by central banks followed the global financial crisis, which overlapped considerably with the financial policy of their respective governments. Exploring the consequences of this shift to a more diverse set of policy challenges, this book calls for a return to the consensus role for central banks and analyses what this might mean for their future independence.

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