The case for an independent central bank is becoming increasingly accepted. This new orthodoxy is based on three … on the inflationary bias of discretionary policy-making; and the empirical academic literature on central bank …. ; Second we present a theoretical model which allows us to consider the optimal degree of inflation aversion of the central …

The information value of central bank announcements of projected future money growth is shown to depend both on the …

of central banking issues and to contribute in this way to informed monetary policy decisions. Sproul's address provides …