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Webinar: John H. Cochrane on the role of central banks

Summary:
Central bank independence in monetary policy was hard fought and desperately needed. The deal was simple. Central government would stay out of a Reserve Bank’s way as it dealt with monetary policy, and the Bank would not abuse its independence in pursuing other agendas. That deal is fraying badly, if it has not fundamentally broken. If central bank independence in monetary policy is lost as consequence, rebuilding the institutions will be costly. John H. Cochrane is Senior Fellow at Stanford University's Hoover Institute. To keep up to date with our latest opinions, events, research and podcasts, sign up to our Insights newsletter at www.nzinitiative.org.nz

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Central bank independence in monetary policy was hard fought and desperately needed. The deal was simple. Central government would stay out of a Reserve Bank’s way as it dealt with monetary policy, and the Bank would not abuse its independence in pursuing other agendas.



That deal is fraying badly, if it has not fundamentally broken. If central bank independence in monetary policy is lost as consequence, rebuilding the institutions will be costly.



John H. Cochrane is Senior Fellow at Stanford University's Hoover Institute.



To keep up to date with our latest opinions, events, research and podcasts, sign up to our Insights newsletter at www.nzinitiative.org.nz
John H. Cochrane
In real life I'm a Senior Fellow of the Hoover Institution at Stanford. I was formerly a professor at the University of Chicago Booth School of Business. I'm also an adjunct scholar of the Cato Institute. I'm not really grumpy by the way!

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