The Age of Central Banks

The Age of Central Banks

According to Curzio Giannini s neo-institutionalist methodological approach, social institutions are, in fact, essential in the coordination of individual decisions as they minimize transaction costs, overcome information asymmetries and ...

Author: Curzio Giannini

Publisher: Edward Elgar Publishing

ISBN: 9780857932143

Category: Business & Economics

Page: 298

View: 264

Curzio had one of the most fertile and original minds ever to be deployed on questions relating, first, to the interactions between Central Banks, private sector financial intermediaries and the government, and second to the working of the international monetary system in general, and to the role of the IMF specifically within that. His approach has been to apply a theory of history , which provides a beautifully written and illuminating book, much easier and nicer to read and more rounded than the limited mathematical models that have so monopolised academia in recent decades. From the foreword by Charles A.E. Goodhart Curzio Giannini s history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures. The eminent and highly-renowned author provides an analytical perspective to study the evolution of central banking as an endogenous response to crisis and to the ever increasing needs of economic growth. The key argument of the analysis is that crucial innovations in the payment technology (from the invention of coinage to the development of electronic money) could not have taken place without an institution i.e. the central bank - that could preserve confidence in the instruments used as money. According to Curzio Giannini s neo-institutionalist methodological approach, social institutions are, in fact, essential in the coordination of individual decisions as they minimize transaction costs, overcome information asymmetries and deal with incomplete contracts. This enlightening and revealing historical theory perspective on central banking will prove a thought-provoking read for academic and institutional economists, economic historians, and economic policymakers involved in the task of crafting a new institutional arrangement for central banking in the globalized economy.
Categories: Business & Economics

Central Banks in the Age of the Euro

Central Banks in the Age of the Euro

This text examines the effects of the euro as the new European single currency on the central banks of the member states of the European Union.

Author: Kenneth Dyson

Publisher: Oxford University Press

ISBN: 9780199218233

Category: Business & Economics

Page: 451

View: 410

The age of the euro has cast central banks in a newly prominent role in European integration and in macro-economic policy making in Europe. This text examines the effects of the euro as the new European single currency on the central banks of the member states of the European Union.
Categories: Business & Economics

The Evolution of Central Banking Theory and History

The Evolution of Central Banking  Theory and History

This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today.

Author: Stefano Ugolini

Publisher: Springer

ISBN: 9781137485250

Category: Business & Economics

Page: 330

View: 420

This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini’s work offers bankers and policymakers valuable and profound insights into their institutions. Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.
Categories: Business & Economics

The Green Swan

The Green Swan

Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks' financial stability mandate.

Author: Patrick Bolton

Publisher:

ISBN: 9292593269

Category: Banks and banking, Central

Page: 107

View: 371

Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks’ financial stability mandate. However, integrating climate-related risk analysis into financial stability monitoring is particularly challenging because of the radical uncertainty associated with a physical, social and economic phenomenon that is constantly changing and involves complex dynamics and chain reactions. Traditional backward-looking risk assessments and existing climate-economic models cannot anticipate accurately enough the form that climate-related risks will take. These include what we call “green swan” risks: potentially extremely financially disruptive events that could be behind the next systemic financial crisis. Central banks have a role to play in avoiding such an outcome, including by seeking to improve their understanding of climate- related risks through the development of forward-looking scenario-based analysis. But central banks alone cannot mitigate climate change. This complex collective action problem requires coordinating actions among many players including governments, the private sector, civil society and the international community. Central banks can therefore have an additional role to play in helping coordinate the measures to fight climate change. Those include climate mitigation policies such as carbon pricing, the integration of sustainability into financial practices and accounting frameworks, the search for appropriate policy mixes, and the development of new financial mechanisms at the international level. All these actions will be complex to coordinate and could have significant redistributive consequences that should be adequately handled, yet they are essential to preserve long-term financial (and price) stability in the age of climate change.
Categories: Banks and banking, Central

Central Banks and Gold

Central Banks and Gold

Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down.

Author: Simon James Bytheway

Publisher: Cornell University Press

ISBN: 9781501706509

Category: History

Page: 260

View: 534

In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. In Central Banks and Gold, Simon James Bytheway and Mark Metzler explore how this financialized form of globalism first took shape a century ago, when Tokyo first joined London and New York as a major financial center. As revealed here for the first time, close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England’s secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world’s first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.
Categories: History

The Green Swan

The Green Swan

Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks' financial stability mandate.

Author: Patrick Bolton

Publisher:

ISBN: 9292593250

Category: Banks and banking, Central

Page: 107

View: 110

Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks’ financial stability mandate. However, integrating climate-related risk analysis into financial stability monitoring is particularly challenging because of the radical uncertainty associated with a physical, social and economic phenomenon that is constantly changing and involves complex dynamics and chain reactions. Traditional backward-looking risk assessments and existing climate-economic models cannot anticipate accurately enough the form that climate-related risks will take. These include what we call “green swan” risks: potentially extremely financially disruptive events that could be behind the next systemic financial crisis. Central banks have a role to play in avoiding such an outcome, including by seeking to improve their understanding of climate- related risks through the development of forward-looking scenario-based analysis. But central banks alone cannot mitigate climate change. This complex collective action problem requires coordinating actions among many players including governments, the private sector, civil society and the international community. Central banks can therefore have an additional role to play in helping coordinate the measures to fight climate change. Those include climate mitigation policies such as carbon pricing, the integration of sustainability into financial practices and accounting frameworks, the search for appropriate policy mixes, and the development of new financial mechanisms at the international level. All these actions will be complex to coordinate and could have significant redistributive consequences that should be adequately handled, yet they are essential to preserve long-term financial (and price) stability in the age of climate change.
Categories: Banks and banking, Central

The Age of Oversupply

The Age of Oversupply

The Age of Oversupply offers a bold, fresh approach to fixing the West’s economic woes through large-scale fiscal stimulus measures, investments in infrastructure, and an aggressive private debt reduction plan.

Author: Daniel Alpert

Publisher: Penguin

ISBN: 9781101601631

Category: Business & Economics

Page: 304

View: 493

The invisible hand of capitalism is broken. Economic and political forces are preventing markets from correcting themselves, and we're now living in an unprecedented age of oversupply. Governments and central banks across the developed world have tried every policy tool imaginable, yet our economies remain sluggish or worse. How did we get here, and how can advanced nations compete and prosper once more? In this bold call to arms, economic policy expert Daniel Alpert argues that a global labor glut, excess productive capacity, and a rising ocean of cheap capital have kept the economies of the first world, and notably the United States, mired in underemployment and anemic growth. Distracted by a technology boom and a massive debt bubble in the 1990s and early 2000s, advanced nations failed to assess the ultimate impact of the torrent of labor and capital unleashed by formerly socialist economies. After the financial crisis of 2008, the United States and Europe joined an already sclerotic Japan in dire economic straits. Today, as the BRICs (Brazil, Russia, India, and China) and others poach jobs from Western Europe, the United States, and Japan, household incomes in the developed world continue to decline. Many policymakers believe in outdated supplyside economic remedies. They miss the connection between global oversupply and the lack of domestic investment and growth. But Alpert shows how they are intertwined: We cannot understand the housing bubble and the financial crisis without appreciating how the rise of the emerging nations distorted the economies of rich countries. And we can’t chart a path for growth in the developed world without recognizing that many of these distorting forces are still at work. The Age of Oversupply offers a bold, fresh approach to fixing the West’s economic woes through large-scale fiscal stimulus measures, investments in infrastructure, and an aggressive private debt reduction plan. It also delivers a vigorous challenge to proponents of austerity economics.
Categories: Business & Economics

Central Bank Ratings

Central Bank Ratings

A backtesting exercise is included to validate the quality of the ratings obtained. The book concludes by offering insights into the comparison of central banks.

Author: Indranarain Ramlall

Publisher: Palgrave Macmillan

ISBN: 9781137524027

Category: Business & Economics

Page: 242

View: 99

When the global financial crisis broke, central banks in both the US and the UK undertook massive asset purchase programmes which resulted in considerable increase in assets. Cross-border spillover effects were noted across global economies. Balance sheet adjustments may eventually gnaw at the profit-earning capacities of central banks, and in extreme cases, negative equity can manifest. This study investigates a benchmark for comparing central banks. The author employs a unique and large set of metrics to gauge the quality of central banks and presents an argument to reflect upon international best practices. The study uses different criteria including the accounting body, research, presence of stress-testing exercises, inflation-targeting frameworks, staff efficiency, and languages of communication with the public, amongst others. The book begins by providing an overview of central banking, before exploring some stylized facts about central banks in unique detail. It then presents a ratings methodology for worldwide central banks to analyse the results. A backtesting exercise is included to validate the quality of the ratings obtained. The book concludes by offering insights into the comparison of central banks.
Categories: Business & Economics

The Alchemists

The Alchemists

The book begins in, of all places, Stockholm, Sweden, in the seventeenth century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast ...

Author: Neil Irwin

Publisher: Penguin

ISBN: 9781101605806

Category: Business & Economics

Page: 448

View: 927

When the first fissures became visible to the naked eye in August 2007, suddenly the most powerful men in the world were three men who were never elected to public office. They were the leaders of the world’s three most important central banks: Ben Bernanke of the U.S. Federal Reserve, Mervyn King of the Bank of England, and Jean-Claude Trichet of the European Central Bank. Over the next five years, they and their fellow central bankers deployed trillions of dollars, pounds and euros to contain the waves of panic that threatened to bring down the global financial system, moving on a scale and with a speed that had no precedent. Neil Irwin’s The Alchemists is a gripping account of the most intense exercise in economic crisis management we’ve ever seen, a poker game in which the stakes have run into the trillions of dollars. The book begins in, of all places, Stockholm, Sweden, in the seventeenth century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast influence over our world, from its troubled beginnings to the Age of Greenspan, bringing the reader into the present with a marvelous handle on how these figures and institutions became what they are – the possessors of extraordinary power over our collective fate. What they chose to do with those powers is the heart of the story Irwin tells. Irwin covered the Fed and other central banks from the earliest days of the crisis for the Washington Post, enjoying privileged access to leading central bankers and people close to them. His account, based on reporting that took place in 27 cities in 11 countries, is the holistic, truly global story of the central bankers’ role in the world economy we have been missing. It is a landmark reckoning with central bankers and their power, with the great financial crisis of our time, and with the history of the relationship between capitalism and the state. Definitive, revelatory, and riveting, The Alchemists shows us where money comes from—and where it may well be going.
Categories: Business & Economics

Central Banks at a Crossroads

Central Banks at a Crossroads

The future of central banking. ... Central bank strategy, credibility and independence: Theory and evidence. ... “Monetary policy comes of age: A 20th century odyssey”, FRB Richmond Economic Quarterly 83: 1–22 Goodhart, C. A. E. 1999 ...

Author: Michael D. Bordo

Publisher: Cambridge University Press

ISBN: 9781316654323

Category: Business & Economics

Page:

View: 900

Throughout their long history, the primary concern of central banks has oscillated between price stability in normal times and financial stability in extraordinary times. In the wake of the recent global financial crisis, central banks have been given additional responsibilities to ensure financial stability, which has sparked intense debate over the nature of their role. Bankers and policy makers face an enormous challenge finding the right balance of power between the central bank and the state. This volume is the result of an international conference held at Norges Bank (the central bank of Norway). International experts and policy makers present research and historical analysis on the evolution of the central bank. They specifically focus on four key aspects: its role as an institution, the part it plays within the international monetary system, how to delineate and limit its functions, and how to apply the lessons of the past two centuries.
Categories: Business & Economics

Challenges for Central Banking

Challenges for Central Banking

First, the complexity and speed characteristic of the digital age affect any body charged with supervising the safety and soundness of financial institutions (primarily banks and insurers, or financial conglomerates engaged in both ...

Author: Anthony M. Santomero

Publisher: Springer Science & Business Media

ISBN: 9781475733068

Category: Business & Economics

Page: 274

View: 223

It may be possible to claim that, generally speaking, central banks around the world have never before held such a central and well-respected position in their respective countries as they hold now. Their tasks seem to be reasona bly well defined and the mandate given to them to guarantee price stability has so far worked more successfully than was perhaps expected. Inflation is lower than it has been for a long time. One central bank after the other has been given a position independent of normal party political processes. Re search concerning monetary policy and other topics of relevance for central banking has made good progress during the past decade. Much of the mys tique that has typically surrounded the internal work and decision-making of central banks has gradually disappeared. Instead, openness and transparency have become the key words of the day. The communication channels of central banks; speeches, inflation reports, minutes of meetings, etc. receive considerable attention and often give rise to headlines in the media. The en vironment in which central banks work and act today has thus undergone changes that in my view are very positive. However, we should always be on our guard against complacency. It would be most dangerous for central bankers today to sit back and relax in the belief that all of the important problems have been resolved and need no further consideration. Unless central bankers remain constantly alert and vigilant, their policy-making can easily deteriorate.
Categories: Business & Economics

Do Old Habits Die Hard Central Banks and the Bretton Woods Gold Puzzle

Do Old Habits Die Hard  Central Banks and the Bretton Woods Gold Puzzle

... namely (i) the number of years spent by a country in the gold standard (ii) the number of delegates at the Bretton Woods conference and (iii) the age of governors heading central banks over the Bretton Woods period.

Author: Eric Monnet

Publisher: International Monetary Fund

ISBN: 9781498326773

Category: Business & Economics

Page: 32

View: 326

Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.
Categories: Business & Economics

Central Banking at a Crossroads

Central Banking at a Crossroads

The Age of Central Banks. Cheltenham: Edward Elgar. Goodhart, C. 2004. “Some New Directions for Financial Stability?” The Per Jacobsson Lecture, Per Jacobsson Foundation, Zürich, Switzerland, June 27. Goodhart, C. 2010 “The Changing ...

Author: Charles Goodhart

Publisher: Anthem Press

ISBN: 9781783083602

Category: Business & Economics

Page: 275

View: 594

This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.
Categories: Business & Economics

Evolution of Central Banking

Evolution of Central Banking

The age of central banks. Cheltenham: Edward Elgar. Goodhart, C. A. E. (1988). The evolution of central banking. Cambridge: MIT Press. Grossman, R. S. (2010). Unsettled account. The evolution of banking in the industrialized world since ...

Author: Roland Uittenbogaard

Publisher: Springer

ISBN: 9783319106175

Category: Business & Economics

Page: 170

View: 599

The book analyses the establishment of De Nederlandsche Bank and its early development as a case study to test competing theories on the historical development of central banking. It is shown that the establishment of DNB can be explained by both the fiscal theory and the financial stability theory. Later development makes clear that the financial stability role of DNB prevailed. DNB ́s bank notes were not forced onto the public and competition was fierce. A prudent and independent stance was necessary to be able to play its intended role. This meant that DNB played a modest role in the Amsterdam money market until 1852. By 1852 it had established itself to become the central bank. By then its bank notes had become generally accepted and it could start to operate as a reserve bank. Also the market context had changed dramatically, its competitors had been driven out of the market and several credit institutions had become customers of DNB. "On the occasion of the Nederlandsche Bank's 200th Anniversary, it is good to have a new, and an extremely good, history of its founding and first fifty years of operation. The only previous account of this period of the DNB's history was legalistic and did not sufficiently place the Bank ́s development in its wider context. Uittenbogaard's book provides a much broader, and better, story of the personnel, economics, and finance of the DNB at this juncture." - Charles Goodhart, LSE.
Categories: Business & Economics

Do Central Banks Serve the People

Do Central Banks Serve the People

Jean-Philippe Touffut (Cheltenham: Edward Elgar Publishing, 2008), 391–406; Nicolas Jabko, 'Transparency and Accountability', in Central Banks in the Age of the Euro: Europeanization, Convergence and Power, ed.

Author: Peter Dietsch

Publisher: John Wiley & Sons

ISBN: 9781509525805

Category: Philosophy

Page: 140

View: 351

Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost. Central banks argue we had no choice. This book offers a powerfully original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operate today. Firstly, they show how unconventional monetary policies have created significant unintended negative consequences in terms of inequalities in income and wealth. They go on to argue that central banks may have become independent of governments, but have instead become worryingly dependent on financial markets. They then proceed to analyse how central bankers, despite being the undisputed experts on monetary policy, can still err and suffer from multiple forms of bias. This book is a sobering and urgent wake-up call for policy-makers and anyone interested in how our monetary and financial system really works.
Categories: Philosophy

The Political Economy of Central Banking in Emerging Economies

The Political Economy of Central Banking in Emerging Economies

Merler, S 2018, 'Central banks in the age of populism', Bruegel Blog Post, 19 March, viewed 5 September 2019, https://bruegel.org/2018/03/central-banks-in-the-age-of-populism/. Mishkin, F 1998, 'Central banking in a democratic society: ...

Author: Mustafa Yağcı

Publisher: Routledge

ISBN: 9781000164770

Category: Business & Economics

Page: 238

View: 842

Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, there has been much less academic focus on central banking in emerging economies. This book extends the research on the political economy of central banking by focusing on the emerging economies in Asia, Africa, Latin America, and the European periphery. Central banks are at the heart of economic policymaking, and their decisions have a significant impact on the social and economic well-being of citizens. Adopting an interdisciplinary political economy perspective, the contributions in this book explore the reciprocal relations between politics, economics, and central banks, and how the global and domestic political economy contexts influence central bank practices. The chapters employ diverse theoretical perspectives such as institutional and organizational theory, developmental state resource dependency, and gender studies, drawing on disciplines ranging from politics, international relations, public policy, management, finance, and sociology. This book will appeal to academics and students of central banking, political economy, and emerging economies, as well as professionals and policymakers engaged with central banks, monetary policy, and economic development.
Categories: Business & Economics

Central Banking in a Democracy

Central Banking in a Democracy

Banking and Monetary Statistics, 1941–70. Feinman, J. and W. Poole. 1989. ... The Development of American Commercial Banking, 1782–1837. Kent State University Press. Fetter, F.A. 1965. ... The Age of Central Banks. Edward Elgar.

Author: John H. Wood

Publisher: Routledge

ISBN: 9781317704324

Category: Business & Economics

Page: 222

View: 246

The Federal Reserve System, which has been Congress’s agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayers' expense during the recent Great Recession. This book is a study of the causes of the Fed’s errors, with lessons for an improved monetary authority, beginning with an examination of the history of central banks, in which it is found that their performance depended on their incentives, as is to be expected of economic agents. An implication of these findings is that the Fed’s failings must be traced to its institutional independence, particularly of the public welfare. Consequently, its policies have been dictated by special interests: financial institutions who desire public support without meaningful regulation, as well as presidents and those portions of Congress desiring growing government financed by inflation. Monetary stability (which used to be thought the primary purpose of central banks) requires responsibility, meaning punishment for failure, instead of a remote and irresponsible (to the public) agency such as the Fed. It requires either private money motivated by profit or Congress disciplined by the electoral system as before 1913. Change involving the least disturbance to the system suggests the latter.
Categories: Business & Economics

Speaking to the People

Speaking to the People

Financial upheaval and unconventional monetary policies have made money a salient political issue.

Author: Benjamin Braun

Publisher:

ISBN: OCLC:963797677

Category:

Page: 26

View: 471

Categories:

Meltdown

Meltdown

Presents a sobering account of the global financial collapse that has pushed the world economy toward a major recession, identifying what the author believes to be the sources of the collapse while making cautionary predictions about a ...

Author: Paul Mason

Publisher: Verso Books

ISBN: UOM:39076002808181

Category: Business & Economics

Page: 198

View: 956

Presents a sobering account of the global financial collapse that has pushed the world economy toward a major recession, identifying what the author believes to be the sources of the collapse while making cautionary predictions about a potential rise of hyper-regulated capitalism.
Categories: Business & Economics

Monetary Policies in the Age of Uncertainty

Monetary Policies in the Age of Uncertainty

This book provides an interesting review of Japanese monetary policies after the bubble economy.

Author: Yoichi Matsubayashi

Publisher: Springer

ISBN: 9811641455

Category: Business & Economics

Page: 61

View: 469

This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.
Categories: Business & Economics