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Central Banking: back to the future

Author

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  • Bruce White

    (Reserve Bank of New Zealand)

Abstract

This discussion paper explores the nature of the transmission of monetary policy from the central bank to the financial markets in a modern, deregulated, financial system in which there are few impediments to financial efficiency. The subject is one on which there is debate amongst monetary theorists and central banking practitioners alike. In particular, there has been a focus on the question of whether advances in information technology are changing the nature of money and undermining the ability of central banks to implement their monetary policies.

Suggested Citation

  • Bruce White, 2001. "Central Banking: back to the future," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 64, september.
    • Handle: RePEc:nzb:nzbbul:september2001:4
    Note: Summary of Discussion Paper
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2001/2001sep64-3White.pdf
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    References listed on IDEAS

    as
    1. Michael Woodford, 1998. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 173-219, January.
    2. Benjamin M. Friedman, 1999. "The Future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps?," International Finance, Wiley Blackwell, vol. 2(3), pages 321-338, November.
    3. Benjamin M. Friedman, 1999. "The Future of Monetary Policy: The Central Bank as an Army With Only a Signal Corps," NBER Working Papers 7420, National Bureau of Economic Research, Inc.
    4. Friedman, Benjamin M, 1999. "The Future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps?," International Finance, Wiley Blackwell, vol. 2(3), pages 321-338, November.
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    Cited by:

    1. Michael Woodford, 2001. "Monetary policy in the information economy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 297-370.
    2. Christie Smith, 2004. "The long-run effects of monetary policy on output growth," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, September.
    3. C. Sardoni, 2006. "Why Central Banks (and Money) Rule the Roost," Economics Working Paper Archive wp_457, Levy Economics Institute.
    4. José Manuel Gutiérrez, 2008. "A Frictionless Economy With Subotimizing Agents," Vienna Economics Papers 0811, University of Vienna, Department of Economics.

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