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Priests of ProsperityHow Central Bankers Transformed the Postcommunist World$
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Juliet Johnson

Print publication date: 2016

Print ISBN-13: 9781501700224

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501700224.001.0001

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E Pluribus Unum

E Pluribus Unum

(p.1) 1 E Pluribus Unum
Priests of Prosperity

Juliet Johnson

Cornell University Press

This chapter explains why and how central bankers in the advanced industrial democracies formed a cohesive community advocating price stability and political independence in the 1990s. This community shared two key operational principles. Most fundamentally, central bankers came to agree that a central bank's primary task should be to maintain a low and stable inflation rate, which they referred to as price stability. Moreover, because policies aimed at achieving price stability could be politically contentious, central bankers further agreed that they needed significant independence from their governments in order to do their jobs properly. Ultimately, central bankers agreed that if independent central banks successfully pursued price stability, growth and employment would follow.

Keywords:   central bankers, industrial democracies, price stability, political independence, employment

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