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Working Paper
How independent should a central bank be?
The case for an independent central bank is becoming increasingly accepted. This new orthodoxy is based on three foundations: the success of the Bundesbank and the German economy over the past forty years; the theoretical academic literature on the inflationary bias of discretionary policy-making; and the empirical academic literature on central bank independence (CBI). The purpose of this paper is to examine each of the three legs of the argument for increased CBI. ; First we examine the empirical evidence on the relationship between CBI and economic performance. In this context, we compare ...
Conference Paper
How independent should a central bank be?
Conference Paper
Comments on \\"Understanding global imbalances\\"
In Australia, we debated the issue of sustainability of current account deficits extensively during the 1980s. A lot of the arguments that are being aired at the moment bear a striking similarity to the debate that occurred in Australia throughout the 1980s. Now, two decades on, by and large, the majority view of economists in Australia is very similar to that put forward in this excellent paper by Richard Cooper. Although it must be said that while most economists are relaxed about the current account, it still can engender a significant amount of fear amongst politicians and the public, ...