....I
believe the autonomy of central banks is a fiction. I also believe it is
much overrated. The question in the political economy of central
banking is “independent of whom?” central banks are deeply political
institutions and it is disingenuous to pretend otherwise. The struggle
to determine how they should allocate credit and to whom is very
emotion-charged and important to examine closely. Should central banks
be independent of humans in the name of some abstract notion called
price stability? If so then what is the value of price stability in
bettering the lives of the citizens? .......
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