Central Banks as Economic Institutions
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Central Banks as Economic Institutions

9781848441095 Edward Elgar Publishing
Edited by Jean-Philippe Touffut, Director, Cournot Centre, Paris, France
Publication Date: 2008 ISBN: 978 1 84844 109 5 Extent: 232 pp
The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth.

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The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth.

Central banks have gained greater independence from government control over the last 20 years. This widespread trend throws up new questions regarding the foundations, prerogatives and future of this economic institution.

This book provides a better understanding of the current financial crisis through the in-depth study of the central bank. Researchers in the fields of monetary theory, monetary policy and central banking will find this volume of great interest. It will also appeal to students of economics, political economy, banking and finance, as well as economists, academics, and public policy advisers and analysts.
Critical Acclaim
‘Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its implication. It addresses contemporary questions on accountability, transparency and objectives for monetary policy as well as current policy problems related to globalization and financial imbalances. The book is topical, insightful and well written – a must for everybody with an interest in central banking and monetary policy.’
– Torben M. Andersen, University of Aarhus, Denmark
Contributors
Contributors: P. Artus, A.S. Blinder, W. Buiter, N.N. Dincer, B. Eichengreen, B.M. Friedman, C.-L. Holtfrerich, G. Illing, O. Issing, T. Ito, S. Morris, A. Orléan, N. Roubini, H.S. Shin, R.M. Solow, J.-P. Touffut
Contents
Contents:

Preface

Introduction

1. Monetary Beliefs and the Power of Central Banks
André Orléan

2. Monetary Policy in Germany Since 1948: National Tradition, International Best Practice or Ideology?
Carl-Ludwig Holtfrerich

3. What Objectives for Monetary Policy?
Benjamin M. Friedman

4. Financial Stability and Monetary Policy: A Framework
Gerhard Illing

5. Coordinating Expectations in Monetary Policy
Stephen Morris and Hyun Song Shin

6. Central Bank Transparency: Where, Why and With What Effects? Nazire Nergiz Dincer and Barry Eichengreen

7. Global imbalances: Origins, Consequences and Possible Resolutions
Takatoshi Ito

8. Global Imbalances: A Contemporary ‘Rashomon’ Saga
Nouriel Roubini

9. Round Table Discussion: Monetary Policy in the New International Environment
Patrick Artus, Alan S. Blinder, Willem Buiter, Otmar Issing and Robert M. Solow

Index
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