Browse

You are looking at 1 - 1 of 1 items for :

  • Renewable Resources and Conservation: General x
  • Agricultural and Natural Resource Economics?Environmental and Ecological Economics x
  • United Kingdom x
  • Macroeconomics x
  • Finance and accounting x
  • Price Level; Inflation; Deflation x
  • Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems x
  • Financial and monetary sector x
  • New Zealand x
  • Real sector x
Clear All
Ms. Anita Tuladhar
This paper surveys decision-making roles of governing bodies of central banks that have formally adopted inflation targeting as a monetary framework. Governance practices seek to balance institutional independence needed for monetary policy credibility with accountability required to protect democratic values. Central bank laws usually have price stability as the primary monetary policy objective but seldom require an explicit numerical inflation target. Governments are frequently involved in setting targets, but to ensure operational autonomy, legal provisions explicitly limit government influence in internal policy decision-making processes. Internal governance practices differ considerably with regard to the roles and inter-relationships between the policy, supervisory, and management boards of a central bank.