An influential approach to dealing with the inflation bias was provided by † who showed that a central banker who valued inflation stability more than society as a whole could lead to improved outcomes. While he assumed the central bank was given complete independence, ‡ showed how outcomes could be further improved if the government overrode the central bank in the face of extreme shocks. For surveys of the inflation bias problem, see §, ¶ or ‖, chapter 7). For the question of whether the Reserve Bank Act was an optimal contact, see , while central bank independence is discussed in §§.
Central Bank Independence Revisited
Article first published online: 5 APR 2011
© 2011 The Economic Society of Australia
Economic Papers: A journal of applied economics and policy
Volume 30, Issue 1, pages 18–22, March 2011
How to Cite
Walsh, C. E. (2011), Central Bank Independence Revisited. Economic Papers: A journal of applied economics and policy, 30: 18–22. doi: 10.1111/j.1759-3441.2011.00106.x
- Issue published online: 5 APR 2011
- Article first published online: 5 APR 2011
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