Are Central Banks Still Conservative?

With a foreword written by Kenneth Rogoff, this astute book examines central banking through the lens of his principle of the conservative central banker and emphasis on price stability over short-term political and economic pressures. Expert contributors explore how central banks have maintained low inflation while navigating global shocks, including the disinflation of the 1980s and the inflationary resurgence after 2021.

Highlighting the importance of independence for resisting political interference and maintaining credibility, the book questions the viability of strict conservatism and analyses emerging challenges such as gender biases, gold reserves and political influence on financial institutions. Chapters use historical and theoretical investigations, quantitative empirical research and case studies to assess how central banks communicate policies, manage inflation expectations and adapt to turbulent new realities. Ultimately the book argues that amid evolving global dynamics, the principles of conservatism and price stability remain fundamental to effective monetary policy.



Are Central Banks Still Conservative? is a fundamental resource for scholars and students of macroeconomics, economic history, economic regulation and governance, and finance. It is also an interesting read for policy- and law-makers analysing the legal bases for institutions.