Sull' andamento ciclico del prestigio dei banchieri centrali

The paper discusses the cyclical pattern of the prestige of Central bankers. It concentrates on two periods of prosperity when their reputation was high, the twenties and the nineties of last century, and the two periods that followed, when their reputation was very low. Their prestige is closely linked to the reputation of the financial sector in general, which is in turn determined by the phases of the business cycle. The role of economists and of the degree of independence of Central Banks is also discussed.