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The past, present and future of central banking

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  • Cobham, David
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    Abstract

    The financial crisis, on the one hand, and the recourse to ‘unconventional’ monetary policy, on the other, have given a sharp jolt to perceptions of the role and status of central banks. In this paper we start with a brief ‘contrarian’ history of central banks since the second world war, which presents the Great Moderation and the restricted focus on inflation targeting as a temporary aberration from the norm. We then discuss how recent developments in fiscal and monetary policy have affected the role and status of central banks, notably their relationships with governments, before considering the environment central banks will face in the near and middle future and how they will have to change to address it.

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    File URL: http://repo.sire.ac.uk/handle/10943/383
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    Bibliographic Info

    Paper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2012-50.

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    Date of creation: 2012
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    Handle: RePEc:ags:aaea07:383

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    Related research

    Keywords: unconventional monetary policy; fiscal policy; macroprudential policy; central banks; central bank independence;

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    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.:
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    1. Anthony Garratt & Gary Koop & Emi Mise & Shaun Vahey, 2008. "Real-time Prediction with UK Monetary Aggregates in the Presence of Model Uncertainty," Reserve Bank of New Zealand Discussion Paper Series DP2008/13, Reserve Bank of New Zealand.
    2. David Cobham & Stefania Cosci & Fabrizio Mattesini, 2008. "Informal Central Bank Independence: An Analysis For Three European Countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 55(3), pages 251-280, 07.
    3. Julia Darby & Jacques Melitz, 2008. "Social spending and automatic stabilizers in the OECD," Economic Policy, CEPR & CES & MSH, vol. 23, pages 715-756, October.
    4. David Cobham, 2012. "Central banks and house prices in the run-up to the crisis," Heriot-Watt University Economics Discussion Papers 1204, Department of Economics, School of Management and Languages, Heriot Watt University.
    5. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-98, September.
    6. David Cobham, 2006. "Monetary policy and the sterling exchange rate," Economic Journal, Royal Economic Society, vol. 116(512), pages F181-F184, 06.
    7. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October.
    8. Bean, Charles, 1998. "The New UK Monetary Arrangements: A View from the Literature," Economic Journal, Royal Economic Society, vol. 108(451), pages 1795-1809, November.
    9. Marcus Miller, 2011. "Macroeconomics: A Discipline Not A Science," Manchester School, University of Manchester, vol. 79(s2), pages 21-24, 09.
    10. Mangano, Gabriel, 1998. "Measuring Central Bank Independence: A Tale of Subjectivity and of Its Consequences," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 468-92, July.
    11. Simon Wren-Lewis, 2011. "Lessons from Failure: Fiscal Policy, Indulgence and Ideology," National Institute Economic Review, National Institute of Economic and Social Research, vol. 217(1), pages R31-R46, July.
    12. Forder, James, 1998. "Central Bank Independence--Conceptual Clarifications and Interim Assessment," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 307-34, July.
    13. Sushil Wadhwani, 2008. "Should Monetary Policy Respond To Asset Price Bubbles? Revisiting the Debate," National Institute Economic Review, National Institute of Economic and Social Research, vol. 206(1), pages 25-34, October.
    14. Cobham, David, 2012. "Central banks and house prices in the run-up to the crisis," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2012-45, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    15. Michael Artis & Bernhard Winkler, 1998. "The Stability Pact: Safeguarding the Credibility of the European Central Bank," National Institute Economic Review, National Institute of Economic and Social Research, vol. 163(1), pages 87-98, January.
    16. Marvin Goodfriend, 2002. "The phases of U.S. monetary policy : 1987 to 2001," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-17.
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