2 Central Bank independence Are the glory days over?
Charles Goodhart
Introduction
Among her many other interests, Sheila Dow has been concerned with the relationship between Central Banks and governments. This paper discusses their changing interrelationships wherein over recent decades Central Banks have taken a much larger role but argues that this has been but a transitory period, with Treasuries once again regaining the upper hand over coming decades.
In recent decades, the head of the Central Bank (whether termed Governor, President, Chair, or whatever) came to be regarded as possibly the second most important person in that country, behind the leader(s) of the executive branch of government (whether termed ...
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