Optimal Inflation Contracts and Inflation Targets with Uncertain Central Bank Preferences: Accountability through Independence?
研究央行偏好未知时，将货币政策委托给独立央行可能产生的问题。结论是：即使有最优合约或目标，央行独立性也不总是可取；若委托方案更优，让央行自定通胀目标（即目标独立）可增强其问责性。
This paper examines some problems that arise when monetary policy is delegated to an independent central bank and where the central bank's preferences are unknown. Two key conclusions emerge from the paper. First, even with optimal targets or contracts, central bank independence may not always be desirable because central banks may have distorted preferences relative to society. Second, if the delegation solution is preferable and the independent central bank responds to information about supply shocks, the central bank may be made more accountable by allowing it to set its own inflation targets, i.e., by making it goal-independent.