Monetary policymakers, the argument goes, should be independent from the political system, because, when elections near, politicians will likely pressure them to “buy” temporarily higher employment at the cost of permanently higher inflation. To prevent this inefficient trade off, governments should tie central bankers’ hands by insulating them from political influence.
该策略最早在经济政策中的应用是中央银行。这里的逻辑是，货币决策者应该独立于政治制度，因为当选举临近时，政客可能会迫使货币当局以持久高通胀的代价“买”来暂时性的高就业。为了避免这一低效的权衡，政府应该通过将央行与政治隔离管住了央行行长的双手。