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Re-imagining Central Banking

In: Contemporary Issues in Macroeconomics

Author

Listed:
  • Perry Mehrling

    (Institute for New Economic Thinking
    Columbia University)

Abstract

The urgency of the task obviously arises from the experience of the global financial crisis, during which central banks intervened in dramatically new ways and to a dramatically greater degree than ever before, at least in peacetime. Central banks invented new tools on the fly, because the familiar old tools were not working. Now the crisis is over comes the important intellectual task of understanding how these new things fit within the standard pre-crisis toolkit. Just so, Borio and Disyatat (2009) distinguish between the old “interest rate policy” and the new “balance sheet policy”, urging us to understand the latter as, on the one hand, nothing more than an extension of traditional techniques of FX intervention to a broader asset class and, on the other hand, nothing less than use of the central bank balance sheet to implement debt management policy that is more traditionally undertaken by the Treasury. The present paper can in part be understood as a critical but sympathetic reconsideration of this early appraisal.

Suggested Citation

  • Perry Mehrling, 2016. "Re-imagining Central Banking," International Economic Association Series, in: Joseph E. Stiglitz & Martin Guzman (ed.), Contemporary Issues in Macroeconomics, chapter 12, pages 163-175, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-52958-9_13
    DOI: 10.1057/9781137529589_13
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    Cited by:

    1. Emmanuel Carré & Laurent Le Maux, 2018. "Globalisation financière et Dollar Swap Lines : la Réserve fédérale et la Banque centrale européenne durant la crise de 2007-2009," Working Papers hal-01933930, HAL.
    2. Emmanuel Carré & Laurent Le Maux, 2018. "The Federal Reserve's Dollar Swap Lines and the European Central Bank during the global financial crisis of 2007-2009," Post-Print hal-02570211, HAL.
    3. Ramaa Vasudevan, 2018. "The internationalization of the Renminbi and the evolution of China’s monetary policy," Working Papers 1810, New School for Social Research, Department of Economics.

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