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A Dual Democratic Deficit?: Internationalization and Accountability in Post-Communist Central Banking
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Remarks by U.S. Federal Reserve Chairman Alan Greenspan at the Annual Dinner and Francis Boyer
Lecture of The American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996. Available at
http://www.federalreserve.gov/boarddocs/speeches/1996/19961205.htm
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Since New Zealand adopted an explicit inflation targeting policy in 1989, many other established central
banks have followed its lead, including the ECB and the central banks of Australia, Canada, Korea, Israel, Sweden, Switzerland, and the United Kingdom. All of these banks have targets set at 3% or less. The Reserve Bank of Australia’s website is especially interesting in this regard. It states that “The Board's obligations with respect to monetary policy are laid out in . . . the Bank's 'charter', [which] says: ‘It is the duty of the Reserve Bank Board . . . [to] contribute to the stability of the currency of Australia, the maintenance of full employment in Australia, and the economic prosperity and welfare of the people of Australia.’ Since 1993, these objectives have found practical expression in a target for consumer price inflation, of 2-3 per cent per annum. . . . In the long run, this is the principal way in which monetary policy can help to form a sound basis for long-term growth in the economy.” In short, even though price stability is not among the Bank’s three legal goals, it believes that a strict focus on low inflation alone will best forward these goals.
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In support of this point, a study by Cukierman et al. (2002) found that legal increases in CBI were not
related to inflationary episodes in transition states.
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| | Authors: Johnson, Juliet. |
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16
2
Remarks by U.S. Federal Reserve Chairman Alan Greenspan at the Annual Dinner and Francis Boyer
Lecture of The American Enterprise Institute for Public Policy Research, Washington, D.C., December 5,
1996. Available at
http://www.federalreserve.gov/boarddocs/speeches/1996/19961205.htm
3
Since New Zealand adopted an explicit inflation targeting policy in 1989, many other established central
banks have followed its lead, including the ECB and the central banks of Australia, Canada, Korea, Israel,
Sweden, Switzerland, and the United Kingdom. All of these banks have targets set at 3% or less. The
Reserve Bank of Australia’s website is especially interesting in this regard. It states that “The Board's
obligations with respect to monetary policy are laid out in . . . the Bank's 'charter', [which] says: ‘It is the
duty of the Reserve Bank Board . . . [to] contribute to the stability of the currency of Australia, the
maintenance of full employment in Australia, and the economic prosperity and welfare of the people of
Australia.’ Since 1993, these objectives have found practical expression in a target for consumer price
inflation, of 2-3 per cent per annum. . . . In the long run, this is the principal way in which monetary policy
can help to form a sound basis for long-term growth in the economy.” In short, even though price stability
is not among the Bank’s three legal goals, it believes that a strict focus on low inflation alone will best
forward these goals.
4
In support of this point, a study by Cukierman et al. (2002) found that legal increases in CBI were not
related to inflationary episodes in transition states.
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