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 Research Projects at the MPIfG

Central Banking Beyond Inflation

Benjamin Braun

Until recently, best practice in central banking was firmly anchored in the “holy trinity” of inflation targeting: price stability as the primary goal, central bank independence as the institutional arrangement, and the short-term interest rate as the instrument of monetary policy. The common thread that runs through this project is an interest in the political economy of central banking in a post–holy trinity world. What instruments do central banks actually use, and how do they justify their use of those instruments? Do central banks engage in strategic, legitimacy-seeking behavior, even though independence should shield them from political pressure? In light of the megachallenges of global warming and inequality, how can we rethink – and redeploy – the power of central banking? Project duration: September 2016 to August 2022.
Braun, Benjamin. 2020. “Central Banking and the Infrastructural Power of Finance: The Case of ECB Support for Repo and Securitization Markets.” Socio-Economic Review 18 (2): 395–418.
Braun, Benjamin. 2017. “ Two Sides of the Same Coin? Independence and Accountability of the European Central Bank.” Report for Transparency International EU.
Braun, Benjamin, and Leah Downey. 2020. “Against Amnesia: Re-Imagining Central Banking.” CEP Discussion Note 2020/1. Zurich: Council on Economic Policies.
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