Challenges in central banking
Subtitle: the current institutional environment and forces affecting monetary policy
By: edited by Pierre L. Siklos, Martin T. Bohl, Mark E. Wohar.
Contributors: Siklos, Pierre L., 1955-; Bohl, Martin T.; Wohar, Mark E.
Publisher: Cambridge University Press
Published: 2010
Place of publication: New York
Language: eng
ISBN-13: 9780521199292
Subjects: Banks and banking, Central; Monetary policy
Description: "Changes in the field of central banking over the past two decades have been nothing short of dramatic. Moreover, they have spanned the globe. They include the importance of central bank autonomy, the desirability of low and stable inflation, and the vital role played by how central banks communicate their views and intentions to the markets and the public more generally. There remains considerable diversity nevertheless in the institutional framework affecting central banks, the manner in which the stance of monetary policy is determined and assessed, and the forces that dictate the conduct of monetary policy more generally. The global financial crisis, which began in the United States in 2007, only serves to highlight further the importance of central bank policies. The aim of this volume is to take stock of where we are in the realm of the practice of central banking and considers some of the implications arising from the ongoing crisis"--Provided by publisher.
Table of contents: title: Machine generated contents note: 1. The state of play in central banking and the challenges to come / Pierre L. Siklos, Martin T. Bohl and Mark E. Wohar; Part I. Past, Present, and Future in the Conduct of Monetary Policy: 2. Is time ripe for price level path stability? / Vitor Gaspar, Frank Smets and David Vestin; 3. The principal-agent approach to monetary policy delegation / Georgios E. Chortareas and Stephen M. Miller; 4. Implementing monetary policy in the 2000s: operating procedures in Asia and beyond / Corrinne Ho; Part II. The Scope of Central Banking Operations and Central Bank Independence: 5. Analysis of financial stability / Charles A. E. Goodhart and D. P. Tsomocos; 6. National central banks in a multi-national system / David G. Mayes and Geoffrey E. Wood; 7. The complex relationship between central bank independence and inflation / Bernd Hayo and Carsten Hefeker; 8. Independence and accountability in supervision: comparing central banks and financial authorities / Donato Masciandaro, Marc Quintyn and Michael W. Taylor; Part III. Transparency and Governance in Central Banking: 9. The economic impact of central bank transparency: a survey / Carin van der Cruijsen and Sylvester C. W. Eijffinger; 10. How central banks take decisions: an analysis of monetary policy meetings / Philip Maier; 11. Institutional rules and the conduct of monetary policy: does a central bank need governing principles? / Pierre L. Siklos; Data and econometric specification; Empirical evidence; Conclusions.