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首页> 外文期刊>Journal of Economic Dynamics and Control >Are rules and boundaries sufficient to limit harmful central bank discretion? Lessons from Europe
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Are rules and boundaries sufficient to limit harmful central bank discretion? Lessons from Europe

机译：规则和界限是否足以限制有害的央行自由裁量权？欧洲的教训

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Marvin Goodfriend's (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for rules and boundaries. The framework proposed for improving the Fed incorporates key elements that have already been adopted in the European Union. The case of ELA provision by the ECB and the Central Bank of Cyprus to Marfin-Laiki Bank during the crisis, however, suggests that the existence of rules and boundaries may not be enough to limit harmful discretion. During a crisis, novel interpretations of the legal authority of the central bank may be introduced to create a grey area that might be exploited to justify harmful discretionary decisions even in the presence of rules and boundaries. This raises the question how to ensure that rules and boundaries are respected in practice. (C) 2014 Elsevier B.V. All rights reserved.
机译：马文·古德弗（Marvin Goodfriend）（2014）的见识丰富，内容丰富且具有挑衅性的工作简洁明了地说明了美联储为何需要规则和界限。本文回顾了有关中央银行在实践中的有效性的更广泛的制度设计问题，并确认了规则和界限的必要性。为改善美联储而提议的框架包含了欧盟已经采用的关键要素。然而，在危机期间，欧洲央行和塞浦路斯中央银行向Marfin-Laiki银行提供ELA的案例表明，规则和界限的存在可能不足以限制有害的酌处权。在危机期间，可能会引入对中央银行法律权力的新颖解释，以创建一个灰色区域，即使在存在规则和界限的情况下，也可以利用该灰色区域为有害的自由裁量决定辩护。这就提出了一个问题，即如何确保在实践中遵守规则和界限。 （C）2014 Elsevier B.V.保留所有权利。

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