Central Bank Independence and Deflation

• 成果类型: Editorial Material
• 署名作者: Tokic, Damir
• 刊物名称: PUBLIC ADMINISTRATION REVIEW
• ISSN/ISSBN: 0033-3352
• DOI: 10.1111/puar.12919
• 发表日期: 2018
• 页码: 803-808
• 关键词: monetary; inflation

摘要

Deflation presents special challenges to central banking, as traditional monetary policy tools are highly inefficient in dealing with deflationary pressures. In this case, the Federal Reserve must use alternative monetary policy tools that are specially designed to artificially boost asset prices through printing press or currency manipulation. Unfortunately, these alternative monetary policy tools create unintended political, geopoliticaL and social consequences that overreach into the direct responsibilities of other branches of government. Thus, the government must be able to influence Federal Open Market Committee decisions that potentially affect (or contradict) U.S. foreign policy, U.S. trade policy, U.S. dollar policy, and deliberate domestic/global wealth distribution policies.