Central bank independence: more myth than reality?


Central bank policy since the financial crisis in 2008/2009 has been remarkable. Continuing economic and financial distress in the United States, Europe and Asia has brought pressures on central banks to exploit the short-run Phillips curve, support fiscal imbalances, underpin troubled financial institutions and adopt policies that amount to industrial policy in many cases, such as the support of housing by the Federal Reserve.

Some, like the Bank of Japan, have resisted the pressure, while

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