Central Bank Accountability – Reevaluation and Perspectives

Dumiter Florin Cornel (), Pãiu?an Lumini?a () and ?oim Hora?iu Florin ()
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Dumiter Florin Cornel: ”Vasile Goldi?” Western University of Arad, Faculty of Economic Sciences
Pãiu?an Lumini?a: ”Vasile Goldi?” Western University of Arad, Faculty of Economic Sciences
?oim Hora?iu Florin: ”Vasile Goldi?” Western University of Arad, Faculty of Economic Sciences

Ovidius University Annals, Economic Sciences Series, 2012, vol. XII, issue 1, 1392-1397

Abstract: The economic literature regarding central banking and monetary policy suggest that the response of a standard monetary policy as a response to an inflationary bias, caused by a discretionary monetary policy represents the delegation of a monetary policy to an independent institution, which is directly linked and subsequent connected with the accountability concept. As we can notice, the accountability and responsibility terms are, ceteris paribus, supplementary. An individual person which is in charge of a task in his domain becomes, sequi, responsible for fullfiling it. An institution is responsible over the law for the fullfilment of a task an it’s accountable in the situation in which she need’s to justify it’s actions. The central bank is entrusted with the monetary policy process, which, in the first place, becomes resposible, and, subsequent, becomes accountable for it’s actions.

Keywords: central bank independence; monetary policy transmission mechanism; inflation expectations; ex ante control; communication process. (search for similar items in EconPapers)
JEL-codes: E50 E52 E58 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xii:y:2012:i:12:p:1392-1397

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