A teoria da independência do Banco Central: uma interpretação crítica

Abstract

The debate over independence of central banks has assumed as the main theoretical argument the hypothesis that policy-makers are subject to the inflation bias inherent in the management of the monetary policy. Besides, it has been highlighted by the literature that there is a consensus among the economists that central banks have the natural goal of pursuing the price stability. In this sense, the present article makes a critical analysis of the main arguments that give support to the independence proposition. The findings denote that independence of the central bank, under theoretical perspectives, have a set of disagreeing ideas that put in doubt the possible advantages obtained from the adoption of an independent central bank.