Vztah nezávislosti a odpovědnosti centrálních bank na příkladu FEDu a ČNB

This paper compares economical and political independence to a success rate of monetary policy of national banks, on a case of Fed and the Czech National Bank. Based on my definition of independence and accountability based on literature, I show that price stability defined as a main goal is the key factor. If the goal consists of more indicators, there is space for political pressure and the success rate decreases. Some rate of independence is necessary in order to achieve a healthy economy, however, total independence cannot be the target. Accountability then works towards independence as a system of achieving legitimacy, not as a substitute. Public inflation aversion is also considered as an important factor for achieving price stability.