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Monetary policy and the independence dilemma

John Williams ()

FRBSF Economic Letter, 2015

Abstract: The dilemma of central bank independence has been around a long time. Past attempts to solve it through an operational mandate such as the gold standard have proven ineffective. The alternative approach of achieving economic goals through reliance on a fixed policy rule also poses practical challenges. A more promising path is to enhance accountability and transparency within an existing goal mandate framework. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to Chapman University in Orange, California, on May 1.

Date: 2015
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