The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors. I believe that the benefits of independent monetary policy in the U.S. context are well understood and broadly accepted.
2  In the past several decades, support for arrangements in which central banks made monetary policy decisions in pursuit of legislated goals of economic and price stability has been buttressed by theoretical and empirical research contributions, including by Kenneth Rogoff, on the benefits of central bank independence.