Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324064 
Year of Publication: 
2022
Citation: 
[Journal:] PSL Quarterly Review [ISSN:] 2037-3643 [Volume:] 75 [Issue:] 301 [Year:] 2022 [Pages:] 83-102
Publisher: 
Associazione Economia civile, Rome
Abstract: 
This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy. We consider central banks as institutions of power, and, as such, neither are they nor their policies neutral, in the sense that there are inevitable winners and losers. In this context, we explain why and how their power should be regulated and controlled by society. Specifically, we focus on the income distributive nature of monetary policy to demonstrate this assertion. From this, we explain that the time is ripe to build a new framework for central banking aiming at improving central banks' social responsibility consistent with the spirit of a democratic system, and resting on new rules, new types of inner organization and, more broadly, an ethics of responsibility of a new kind.
Subjects: 
central banks
central bankers
power
social responsibility
democracy
JEL: 
B55
E02
E12
E52
E58
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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