A happy tenth birthday?

A happy tenth birthday? Few observers within the central banking community would argue against the desirability of central banks' independence with respect to monetary-policy making. As an idea, independence has strong theoretical appeal; and in practice, the experience has been largely positive. Indeed, as Kenneth Rogoff recently argued, "the advent of modern independent and anti-inflation-oriented central banks is one of the great success stories of modern economic science."

And so it is right

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