Designing Central Banks

ISBN-13: 9780415476164 / Angielski / Twarda / 2009 / 262 str.

Heinz Herrmann;David Mayes;Geoffrey E Wood

Opis

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.

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 North-ern European Central Banking Tradition. With that foundation, the book will then turn to a series of contemporary themes: firstly independence, and how central banks can actually influ-ence their respective economies; secondly goals and responsibilities; finally, governance.

With contributions from such scholars as Marc Flandreau, Anne Sibert and Forrest Capie - 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.

Spis treści

Introduction Forest Capie: Some scattered thoughts from history on evolution and design in central banking Juha Tarkka: The north European model of early central banking Comments by Ludger Linnemann Alex Cukierman: Central bank independence and monetary policy making institutions – past present and future Comments by Roland Vaubel Mark Wynne: How should central banks define price stability? Comments by David Mayes Georg Rich: A proposal for extracting policy information from the ECB’s second pillar Comments by Roger Clews Hans Gersbach and Volker Hahn: Forward guidance for monetary policy: Is it desirable? Comments by Heinz Herrmann Michael Ehrmann and Marcel Fratzscher: Designing a central bank communication strategy Comments by Jakob de Haan Mathias Person: Achieving financial stability in a world of cross-border institutions Comments by Geoffrey Wood What kind of research in central banks? – a panel