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Central banking and the economics of information

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Author Info

  • Edward J. Green

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/digital_assets/publications/economic_perspectives/2001/2qepart3.pdf
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Bibliographic 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;

References

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  1. 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.
  2. Soderlind, P & Svensson, L-E-O, 1996. "New Techniques to Extract Market Expectations from Financial Instruments," Papers 621, Stockholm - International Economic Studies.
  3. Jon Faust & Lars E. O. Svensson, 1998. "Transparency and Credibility: Monetary Policy with Unobservable Goals," NBER Working Papers 6452, National Bureau of Economic Research, Inc.
  4. Freeman, Scott, 1999. "Rediscounting under aggregate risk," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 197-216, February.
  5. Mervyn King, 1999. "Challenges for monetary policy : new and old," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 11-57.
  6. Schreft, S L, 1992. "Transaction Costs and the Use of Cash and Credit," Economic Theory, Springer, vol. 2(2), pages 283-96, April.
  7. Aiyagari, S.R. & Braum, T. & Eckstein, Z., 1995. "Transaction Services, Inflation and Welfare," Papers 27-95, Tel Aviv - the Sackler Institute of Economic Studies.
  8. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762, October.
  9. 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.
  10. Robert E. Lucas, Jr. & Nancy L. Stokey, 1985. "Money and Interest in a Cash-in-Advance Economy," NBER Working Papers 1618, National Bureau of Economic Research, Inc.
  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.
  12. Preston J. Miller (ed.), 1994. "The Rational Expectations Revolution: Readings from the Front Line," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262631555, December.
  13. 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.
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Citations

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Cited by:
  1. 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).
  2. 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.
  3. 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.
  4. 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].

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