9780415476164

Designing Central Banks

by ;
  • ISBN13:

    9780415476164

  • ISBN10:

    041547616X

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-09-18
  • Publisher: Routledge

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Summary

The activities of central banks are relevant to everyone in society. This book starts by considering how and why in general central banks evolved and specifically the special aspects of the contribution of the Northern European Central Banking Tradition. With that foundation, the book will then turn to a series of contemporary themes. Firstly, this book looks at independence, how central banks can actually influence their respective economies, goals, responsibilities and governance. This collection of papers, formulated from the joint conference of the Bank of Finland and the Deutsche Bundesbank in November 2007, will help motivate continuing research into the institutional design of central banks and promote a better understanding of the many challenges central banks are facing today. This volume gives a detailed perspective on the benefits of price stability and central bank independence and, due to the advances in macroeconomic theory, has prompted a substantial rethink on central banks'" institutional design. With contributions from such scholars as Anne Sibert and Forrest Capie and a foreword by Erkki Liikanen and Professor Axel A. Weber, this volume will be useful reading for monetary economists around the world as well as all those with an interest in central banks and banking more generally.

Table of Contents

List of contributorsp. xi
Forewordp. xii
Acknowledgementp. xiii
Introductionp. 1
Some scattered thoughts from history on evolution and design in central bankingp. 18
The north European model of early central bankingp. 34
Comments byp. 65
Central bank independence and monetary policy-making institutions: past, present and futurep. 68
Comments byp. 98
How should central banks define price stability?p. 107
Comments byp. 130
A proposal for extracting policy information from the ECB's second pillarp. 136
Comments byp. 153
Forward guidance for monetary policy: is it desirable?p. 157
Comments byp. 168
Designing a central bank communication strategyp. 170
Comments byp. 192
Achieving financial stability with cross-border banking in an EU perspectivep. 196
Comments byp. 215
What kinds of research in central banks?p. 222
Indexp. 243
Table of Contents provided by Ingram. All Rights Reserved.

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