Challenges in Central Banking The Current Institutional Environment and Forces Affecting Monetary Policy 1st Edition by Pierre Siklos, Martin Bohl, Mark Wohar ISBN 978-1107616493 1107616492

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Product details: 

ISBN 10:   1107616492

ISBN 13: 978-1107616493

Author:  Pierre L. Siklos, Martin T. Bohl, Mark E. Wohar

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.

Table of contents: 

PART I – PAST, PRESENT, AND FUTURE IN THE CONDUCT OF MONETARY POLICY
2. Is the Time Ripe for Price-Level Path Stability?
By Vitor Gaspar, Frank Smets, David Vestin

3. The Principal-Agent Approach to Monetary Policy Delegation
By Georgios E. Chortareas, Stephen M. Miller

4. Implementing Monetary Policy in the 2000s: Operating Procedures in Asia and Beyond
By Corrinne Ho

PART II – THE SCOPE OF CENTRAL BANKING OPERATIONS AND CENTRAL BANK INDEPENDENCE
5. Analysis of Financial Stability
By Charles A. E. Goodhart, Dimitri P. Tsomocos

6. National Central Banks in a Multinational System
By David G. Mayes, Geoffrey E. Wood

7. The Complex Relationship between Central Bank Independence and Inflation
By Bernd Hayo, Carsten Hefeker

8. Independence and Accountability in Supervision: Comparing Central Banks and Financial Authorities
By Donato Masciandaro, Marc Quintyn, Michael W. Taylor

PART III – TRANSPARENCY AND GOVERNANCE IN CENTRAL BANKING
9. The Economic Impact of Central Bank Transparency: A Survey
By Carin van der Cruijsen, Sylvester C. W. Eijffinger

10. How Central Banks Take Decisions: An Analysis of Monetary Policy Meetings
By Philipp Maier

11. Institutional Rules and the Conduct of Monetary Policy: Does a Central Bank Need Governing Principles?
By Pierre L. Siklos

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Tags: Pierre LSiklos, Martin Bohl, Mark Wohar, Central Banking, The Current, Environment and Forces