THE OLD AND NEW POLITICS OF CENTRAL BANKING
Central bank independence (CBI) is understood to originate in domestic commitments to tackle inflation and government profligacy. But it is now obvious that central banks have powers that extend far beyond maintaining price stability. We aim to develop a theoretical framework that can explain the origins of CBI and reversions therefrom; and better account for the new realities of central banking. This project is being conducted jointly with Andreas Kern at Georgetown University.