Taylor challenges efficacy of central bank independence


Central banks' performance deteriorates if they cannot be made to adhere to a rules-based framework, according to John Taylor, a professor of economics at Stanford University.

In a paper published by the Stanford Institute for Economic Policy Research in January, Taylor measures central bank performance based on fluctuations in output and inflation, focusing on the Federal Reserve. He finds that independence in the absence of a rules-based framework does not lead to good economic outcomes, as

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: