| Summary: | According to the author, the emphasis authors currently tend to place on the 'surprise effect' in order to argue for the independence of central banks is to a large extent unjustified. The main arguments for the independence of a cen-tral bank are others: firstly, the opinion that governments are induced to in-cur excessive expenditure due to reasons highlighted by public choice theo-rists and, secondly, the idea that inflation arises in connection with social conflict. Additionally, this study makes it clear that 'time inconsistency' theory is far from being a new way of stating old ideas.
JEL Codes: E58
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