Economist Assesses Central Bank-Government Relations

The independence of the central bank, which is the most important basis to allow its sound monetary policymaking, is not synonymous with it being unruly or unaffected by the country’s economic conditions; rather, it is a tool designed with regard to the political economy governing relations between major decision-makers to ensure monetary policies serve as effective tools to tame inflation, says Hossein Abbasi, a lecturer in the University of Maryland’s Department of Economics. 
A translation of his article for the Persian economic daily Donya-e-Eqtesad follows:
Today’s economies are complex. The dimensions of economic activities are very large; they are diverse and the economic ties are close. This complexity both defines multiple goals for the economy and provides decision-makers with multiple tools to pursue those goals. As a result, in almost every sector, there is a need for a group of specialists who focus all their attention on fathoming relationships that exist in that sector and designing the appropriate tools to achieve certain goals.