Crucial issues concerning central bank independence

• 成果类型: Article; Proceedings Paper
• 署名作者: McCallum, BT
• 署名单位: National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00007-X
• 发表日期: 1997
• 页码: 99-112
• 关键词: inflation bias; Central bank independence; dynamic inconsistency

摘要

This paper argues, first, that it is inappropriate to presume that central banks will, in the absence of any tangible precommitment technology, inevitably behave in a 'discretionary' fashion that implies an inflationary bias. Furthermore, there is no necessary tradeoff between 'flexibility and commitment'. Second, to the extent that the absence of any precommitment technology is nevertheless a problem, it will apply to a consolidated central bank-plus-government entity as well as to the central bank alone. Thus, contracts between governments and central banks do not overcome the motivation for dynamic inconsistency, they merely relocate it. Several implications are discussed.