Year: 2000
Type: book
Abstract: Measures of central banks' independence and central banks' accountability which are based\non an interpretation of their statutes provide, in themselves, no guidance for the assessment\nof legislative proposals. In the effectiveness of monetary policy, the crucial considerations\nrelate to how central banks and other policymakers behave. The pattern of incentives is not\ndetermined by the statutes, which may be wholly irrelevant, and therefore one cannot\ndiscover the effectiveness of policy by inspecting the statutes. On the other hand, an\nassessment of the democratic acceptability of an arrangement requires a normative\nargument. Depending on that argument, statutory characteristics may be the crucial ones, but\nfor the assessment to be worthwhile, the argument must be explicit.
Author: James Forder
Institution: University of Oxford
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1780770423