Independent Central Banks

Alex Tabarrock:

A number of prominent economists have signed a petition calling for "Congress and the Executive Branch to reaffirm their support for and defend the independence of the Federal Reserve System."  The petition is disingenuous.

To me, the idea of independent central banks has always seemed inadvisable and sometimes recalcitrant. Monetary policies are an integral part of the economic policy of a government; together with fiscal policies, it is best left to the charge of the government itself.