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Leah Downey, "Our Money: Monetary Policy as If Democracy Matters" (Princeton UP, 2024)

New Books in Economics

CHAPTER

Rethinking Central Bank Independence

This chapter critiques the idea of central bank independence, arguing that it undermines democratic accountability by removing monetary policy from legislative oversight. It introduces the concept of 'iterative governance' to suggest reforms that allow for greater political involvement while using expert knowledge. The discussion also explores the global implications of domestic monetary policies and how they can reshape international financial governance.

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