Whose Central Bank?
Broadly speaking, economists have long split into two camps over the purposes a central bank should serve. One camp believes that a central bank should serve bankers, while the other camp believes that its primary responsibility is to maintain the robust functioning of the economy as a whole.
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BERKELEY – Broadly speaking, for at least 115 years (and possibly longer) – that is, at least since the publication of the Swedish economist Knut Wicksell’s Geldzins und Güterpreis (Interest and Prices) in 1898 – economists have split into two camps with respect to what a central bank is and the purposes it should serve.