Contested Control and the Power of Finance, Selected Essays of Gerald Epstein
Chapter 15: CHAPTER 6 CENTRAL BANKS AS AGENTS OF ECONOMIC DEVELOPMENT
In the last two decades, there has been a global sea change in the theory and practice of central banking. The 'best practice' commonly prescribed by the international financial institutions and by many prominent economists, is the 'neo-liberal' approach to central banking (Epstein 2003). Its main components are: (1) central bank independence (2) a focus on inflation fighting (including adopting formal 'inflation targeting') and (3) the use of indirect methods of monetary policy (i.e., short-term interest rates as opposed to direct methods such as credit ceilings) (Bernanke et al. 1999).
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