Weitere Kapitel dieses Buchs durch Wischen aufrufen
One of the hallmarks of recent political events has been a growing suspicion of so-called elites and experts—chief among them, those very central bankers who were only recently being celebrated for saving the global economy. Central bank independence and rule-based monetary policy became the norm over recent decades on the assumption that democratic influence would erode the policies’ credibility and therefore effectiveness. Yet, recent electoral events remind us that insulating economic decision-makers too much from popular concerns tends to erode their legitimacy—and thus undermines the credibility they seek to protect. Whereas central banks provided some of the most effective responses to the last crisis, it is unlikely they will have the legitimacy and effectiveness needed to fight the next crisis. In fact, their declining legitimacy may be one of its major causes.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Braun, B. (2017). Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing. Review of International Political Economy,23, 1064–1092. CrossRef
Bulir, A. (2001). Income inequality: Does inflation matter? IMF Staff Paper, 48.
Buttonwood. (2015). Monetary policy, politics and the economy: Central banks in the firing line. London: The Economist.
Buttonwood. (2016). The fallibility of central banks. London: The Economist.
Elgie, R., & Thompson, H. (1998). The politics of central banks. New York: Routledge.
Fleming, S. (2015, February 24). Fed paves way to raise rates this year as US economy strengthens. Financial Times.
Greenspan, A. (2004). Risk and uncertainty in monetary policy. Washington, DC: US Federal Reserve Board.
Kirshner, J. (2000). The study of money. World Politics,52, 407–436. CrossRef
Kydland, F., & Prescott, E. (1977). Rules rather than discretion: The inconsistency of optimal plans. Journal of Political Economy,85, 473–491. CrossRef
Mallaby, S. (2016, October 20). The cult of the expert—And how it collapsed. The Guardian.
Monin, P. (2014). Inflation and income inequality in developed economies (Council on Economic Policies Working Paper).
Telegraph. (2013, January 18). Federal reserve missed financial crisis warning signs in 2007, documents show. The Telegraph.
- The Paradox of Monetary Credibility
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Wissenstransfer im Outsourcing/© WrightStudio | stock.adobe.com