The principle that rate decisions are made by appointed technocrats, not by elected politicians. It is protected by practice as much as by law.
央行独立性
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The bond market raised rates for the Fed 央行独立性 · 第 9 张术语卡 | New Zealand's pre-election hold is this week's live test case. 独立性的经济学理由很简单：加息在短期不受欢迎，政客有动机压住它，而通胀的代价要几年后才显现。所以把利率交给任期固定、不受选举周期约束的人。但独立性没有写进美国宪法，它靠的是惯例与市场信任——一旦市场怀疑决定是为选举服务，长期收益率会立刻加上一笔「政治风险溢价」。 |