Article ID Journal Published Year Pages File Type
965488 Journal of Macroeconomics 2012 10 Pages PDF
Abstract
The language of discretion offers little information about monetary policy beyond the assurance that policymakers always “do the right thing at the right time”. This language renders problematic the reconciliation of central bank independence with accountability. Monetary policymakers should articulate an analytical framework using the language of economics that allows them to respond to the question, “What variables does the central bank control and how does it exercise that control”.
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Authors
,