Designing Central Banks

by Mayes; David G.

• ISBN13: 9780415476164
• ISBN10: 041547616X
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-09-18
• Publisher: Routledge

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 contributors	p. xi
Foreword	p. xii
Acknowledgement	p. xiii
Introduction	p. 1
Some scattered thoughts from history on evolution and design in central banking	p. 18
The north European model of early central banking	p. 34
Comments by	p. 65
Central bank independence and monetary policy-making institutions: past, present and future	p. 68
Comments by	p. 98
How should central banks define price stability?	p. 107
Comments by	p. 130
A proposal for extracting policy information from the ECB's second pillar	p. 136
Comments by	p. 153
Forward guidance for monetary policy: is it desirable?	p. 157
Comments by	p. 168
Designing a central bank communication strategy	p. 170
Comments by	p. 192
Achieving financial stability with cross-border banking in an EU perspective	p. 196
Comments by	p. 215
What kinds of research in central banks?	p. 222
Index	p. 243
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