Most macroeconomic models treat the central bank and the trea-sury as a unified entity. The balance sheet of the … central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance … sheet has implications for central bank independence. There are wide differences in the nature of central bank balance …

Most macroeconomic models treat the central bank and the treasury as a unified entity. The balance sheet of the central … bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance …

Most macroeconomic models treat the central bank and the treasury as a unified entity. The balance sheet of the central … bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance … sheet has implications for central bank independence. There are wide differences in the nature of central bank balance …