TY - JOUR AU - Carvalho, Fernando J. Cardim de PY - 1995/10/01 Y2 - 2024/03/29 TI - Central Bank independence and monetary discipline: skeptical observations JF - Brazilian Journal of Political Economy JA - BJPE VL - 15 IS - 4 SE - DO - 10.1590/0101-31571995-0884 UR - https://centrodeeconomiapolitica.org/repojs/index.php/journal/article/view/1261 SP - 600-608 AB - <p>Orthodox conventional wisdom related to monetary policy in the 1990s presents<br />the independence of central banks as a condition for achieving durable price stability, as it did<br />with respect to the adoption of fixed rules for monetary growth in the 1980s. The paper proceeds<br />to a critical examination of the arguments, in which it is concluded that, besides the undesirable<br />political implications of the proposal, the thesis is too dependent on specious and fragile<br />concepts as the natural rate of unemployment and the allegedly inherent inflationary bias<br />of monetary authorities as well as on a very narrow view of the role of monetary authorities.</p><p><strong>JEL Classification:</strong> E58; E52.</p> ER -