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Dear List members,
There is much enthusiasm among fellow economists for the independence of
central banks. I dimly remember that Milton Friedman did not quite share
such views. I believe he once said that it is OK for central bankers to be
as independent as judges. But judges are bound by the law - whereas
independent central bankers are bound by nothing (words to that extent). It
would be great if some colleagues could comment on this - maybe wrong -
recollection and maybe give a relevant refence.
Best regards
Michael Ambrosi
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