These cycles are well documented in a number of countries. In South Africa, the SARB reportedly lowered interest rates in advance of the Primrose byelection in 1984, only to raise them again a few weeks after the election. The granting of operational independence to central banks has meant that monetary policy was in essence handed over to non-elected officials.
Holding them accountable would require well-defined goals for monetary policy and effective channels of communication. This resulted in the second step of the revolution: a sea change in monetary policy communication. From being highly secretive institutions, central banks have become masters of communication, with communication strategy in fact now regarded as one of their policy tools.