OMFIF*1を率いるDavid Marsh*2が、表題(原題は「Power, philosophy and heroism of central bankers」)の書評で以下の本を取り上げている(H/T Mostly Economics)。


Who will prevail in the struggle to apportion guilt as some larger industrial countries teeter towards stagflation? The answer will not be clear for months, if not years. Russia’s invasion of Ukraine accelerated the already perceptible rise in inflation in major countries. This sharpened the central bankers’ dilemma over whether, when and how to risk unpopularity by tightening hitherto over-accommodative monetary policy. And it has accentuated the blame game in which politicians and central bankers joust to censure each other for policy mistakes behind the biggest surge in inflation for 40 years.
All this forms the background to a thoughtful book on the economics of central banking by Jagjit Chadha, director of the National Institute of Economics and Social Research, Britain’s oldest independent research institute. The Money Minders ranges over the broad theoretical and philosophical gamut of central bank policy-making. Chadha provides particular insights into the dilemmas behind resorting to full-scale government bond purchases through quantitative easing after the 2008 financial crisis. He gained prominence in June by accusing the UK Treasury of losing taxpayers £11bn by failing to take out insurance on interest rate rises, depleting the value of £895bn of reserves created by QE.
Chadha recognises that central banks have now probably irreversibly crossed the threshold into the political arena. His book on the technicalities of money and credit is a useful complement to a separate tome on central bank governance by Paul Tucker, former Bank of England deputy governor.
先進国の幾つかの大国がスタグフレーションに滑り落ちそうな中、責任の押し付け合いで誰が勝つだろうか? その答えが明らかになるには、何年と言わないまでも何か月か掛かるだろう。ロシアのウクライナ侵攻は、主要国で既に認識されていたインフレの上昇を加速させた。これにより、これまで緩和的過ぎた金融政策を引き締めるという不人気を招く行動のリスクを取るべきか、いつ取るべきか、どのように取るべきかについての中央銀行家のジレンマは一層厳しいものとなった。またそのことは、過去40年で最大のインフレ高進の基となった政策の誤りについて、政治家と中央銀行家がお互いに矛先を向けあう責任押し付け合いゲームを際立たせることになった。


Tragedy and triumph habitually linger close together. In his book, Chadha voices the hope that ‘behind the scenes’ recalibration of central banks’ instruments and models will allow monetary policy-makers to carry out a ‘heroic role… to avoid Athenian tragedy’. In a similar inflation context to today’s, Arthur Burns, the supremely unheroic Fed chairman in 1970-78, gave a 1979 valedictory lecture on power and philosophy in which he reflected on central bankers’ ‘anguish’ – the prelude to a successful (but painful) assault on price rises by Paul Volcker. The best central bank governors do not need to (and probably should not) be heroes. But worldwide central bank politicisation puts heroism – and, if necessary, willingness to die a martyr’s death – somewhat higher up the list of their necessary attributes.

*1:cf. Official Monetary and Financial Institutions Forum - Wikipedia。本ブログではOMFIF記事を過去にここここで紹介したことがある。


*3:cf. National Institute of Economic and Social Research - Wikipedia


cf. OMFIF書評