2  BIS Review 57/2004  Appointing an inflation hawk to head the central bank may not be enough to ensure credibility for monetary policy, however.
As Rogoff noted in his article, for this strategy to confer significant credibility benefits, the central bank must be perceived by the public as being sufficiently independent from the rest of the government to be immune to short-term political pressures. Thus Rogoff’s proposed strategy was really two-pronged: The appointment of inflation-averse central bankers must be combined with measures to ensure central bank independence.