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Central banking and the economics of information

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Author Info
Edward J. Green

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Abstract

This article concerns the potential relevance of information technology to three aspects of central banking: setting the objectives of monetary policy, ensuring the integrity and security of financial system infrastructure, and maintaining the transparency of decision-making. Regarding integrity and security of infrastructure, a revised role for central banks may be appropriate. However, recent innovations in technology and advances in learning confirm the wisdom of central banks' efforts to control inflation and maintain their own transparency.

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File URL: http://www.chicagofed.org/publications/economicperspectives/2001/2qepart3.pdf
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Publisher Info
Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2001)
Issue (Month): Q II ()
Pages: 28-37
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Handle: RePEc:fip:fedhep:y:2001:i:qii:p:28-37:n:v.25no.2

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Related research
Keywords: Payment systems ; Monetary policy;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bruce J. Summers & R. Alton Gilbert, 1996. "Clearing and settlement of U.S. dollar payments: back to the future?," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 3-27. [Downloadable!]
  2. S. Rao Aiyagari & R. Anton Braun & Zvi Eckstein, 1998. "Transaction Services, Inflation, and Welfare," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1274-1301, December. [Downloadable!] (restricted)
    Other versions:
  3. Jon Faust & Lars E.O. Svensson, 1998. "Transparency and credibility: monetary policy with unobservable goals," International Finance Discussion Papers 605, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  4. Canzoneri, Matthew B, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, American Economic Association, vol. 75(5), pages 1056-70, December. [Downloadable!] (restricted)
    Other versions:
  5. Freeman, Scott, 1999. "Rediscounting under aggregate risk," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 197-216, February. [Downloadable!] (restricted)
  6. Soderlind, P & Svensson, L-E-O, 1996. "New Techniques to Extract Market Expectations from Financial Instruments," Papers 621, Stockholm - International Economic Studies.
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  7. Cukierman, Alex & Meltzer, Allan H, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, Econometric Society, vol. 54(5), pages 1099-1128, September. [Downloadable!] (restricted)
  8. Schreft, S L, 1992. "Transaction Costs and the Use of Cash and Credit," Economic Theory, Springer, vol. 2(2), pages 283-96, April.
  9. Lucas, Robert E, Jr & Stokey, Nancy L, 1987. "Money and Interest in a Cash-in-Advance Economy," Econometrica, Econometric Society, vol. 55(3), pages 491-513, May. [Downloadable!] (restricted)
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  10. Mervyn King, 1999. "Challenges for monetary policy : new and old," Proceedings, Federal Reserve Bank of Kansas City, pages 11-57. [Downloadable!]
  11. Andersen, Leonall C & Carlson, Keith M, 1974. "St. Louis Model Revisited," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(2), pages 305-27, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Haydar, Akyazi & Seyfettin, Artan, 2006. "The reflections of new economy on monetary policy and central banking," MPRA Paper 603, University Library of Munich, Germany, revised 27 Sep 2006. [Downloadable!]
  2. Berg, Claes & Jansson, Per & Vredin, Anders, 2004. "How Useful are Simple Rules for Monetary Policy? The Swedish Experience," Working Paper Series 169, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
  3. Robson Rodrigues Pereira, 2004. "Comunicação Em Política Monetária," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 029, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  4. Akyazi, Haydar & Artan, Seyfettin, 2006. "Reflections of the New Economy on the monetary policy and central banking," MPRA Paper 152, University Library of Munich, Germany. [Downloadable!]
    Other versions:
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