----------------- HES POSTING ----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]