The last has been fully discredited in theory and practice. 1  Roll, E. et al. (1993), “Independent and Accountable – A new mandate for the Bank of England”, A report of an independent panel chaired by Eric Roll, Centre of Economic Policy Research, 1993.
2  This characterisation is due to Karl Brunner, in “The art of central-banking” (1981), Center for Research in Government Policy and Business, University of Rochester, WP GPB 81-6.