
Contents
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1. Introduction 1. Introduction
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2. Worldwide Rise in CBI 2. Worldwide Rise in CBI
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3. The Time-Inconsistency Case for CBI: A New Classical Fiction 3. The Time-Inconsistency Case for CBI: A New Classical Fiction
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4. Post-Keynesian Criticisms of CBI 4. Post-Keynesian Criticisms of CBI
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5. Does Keynes’s Model of CBI Strike a Sound Balance between Democracy and Efficiency? 5. Does Keynes’s Model of CBI Strike a Sound Balance between Democracy and Efficiency?
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6. Conclusion 6. Conclusion
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Notes Notes
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References References
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13 A Post-Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics
Get accessJoerg Bibow is an Associate Professor of Economics at Skidmore College, Saratoga Springs, New York, and a Research Associate at the Levy Economics Institute, Annandale-on-Hudson, New York.
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Published:16 December 2013
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Abstract
Central bank independence (CBI) refers to the relation between the central bank and the state, the legislature and executive. In practice, central banks typically engage in a wide range of activities related to the currency sphere and the financial system. The mainstream literature popularizing CBI features a “narrow central bank” approach that concentrates on central banks’ monetary policy functions only, ignoring important interdependencies between monetary policy on the one hand, and central banks’ historical role as government’s banker (as one link to fiscal policy) and their role in safeguarding the financial system’s stability on the other. This chapter investigates the rise in CBI as an apparent success story in modern monetary economics. The worldwide rise in CBI is partly due to the advent of Economic and Monetary Union (EMU) in Europe. This chapter also discusses the time-inconsistency argument for CBI, post-Keynesian criticisms of CBI, and whether John Maynard Keynes’s model of CBI strikes a sound balance between democracy and efficiency.
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