TY  - UNPD
A1  - Issing, Otmar
T1  - Central banks – independent or almighty?
T2  - SAFE policy letter ; 92
N2  - Historically Central Bank Independence (CBI) was anything but the norm. CBI seems to contradict core principles of democracy. Most economists were also against CBI. After the Great Inflation of the 1970ies many empirical studies demonstrated that there is a strong negative correlation between the degree of CBI and the rate of inflation. In 1990 most major countries had endowed their central bank with the status of independence. Overburdening with elevated expectations and additional competences are threatening the reputation of central banks and undermining the case for CBI.
T3  - SAFE policy letter - 92 
KW  - central banks
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/55234
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-552344
UR  - https://safe-frankfurt.de/policy-center/policy-publications/policy-publ-detailsview/publicationname/central-banks-independent-or-almighty.html
N1  - This paper will appear in 2022 in a volume published by the Cato Institute.
IS  - November 2021
PB  - SAFE
CY  - Frankfurt am Main
ER  -