Analysis of Financial Stability
AbstractOn the macro-economic policy side of Central Banking a remarkable consensus has been emerging over the last two decades. This covers both the applicable theoretical framework for analysing the transmission mechanism of monetary policy and also the appropriate institutional structure for the Central Bank to deploy its macro-economic policies. The consensus about the latter structure generally involves a high degree of operational independence (from Government); the de facto selection of price stability as the primary objective, (except in those countries on a pegged, or fixed exchange rate, or in a currency union); and a choice of a short term interest rate, selected on pre-announced dates within the context of a forward-looking forecasting structure, as the main instrument.
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Bibliographic InfoPaper provided by Financial Markets Group in its series FMG Special Papers with number sp173.
Date of creation: May 2007
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Web page: http://www.lse.ac.uk/fmg/
Other versions of this item:
- Dimitrios P Tsomocos & C.A.E. Goodhart, 2007. "Analysis of Financial Stability," Economics Series Working Papers 2007-FE-04, University of Oxford, Department of Economics.
- Dimitrios Tsomocos & C.A.E. Goodhart, 2007. "Analysis of Financial Stability," OFRC Working Papers Series 2007fe04, Oxford Financial Research Centre.
- NEP-ALL-2007-08-08 (All new papers)
- NEP-MAC-2007-08-08 (Macroeconomics)
- NEP-PKE-2007-08-08 (Post Keynesian Economics)
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- Dietrich Domanski & Philip Turner, 2011.
"The Great Liquidity Freeze : What Does It Mean for International Banking?,"
Finance Working Papers
23245, East Asian Bureau of Economic Research.
- Domanski, Dietrich & Turner, Philip, 2011. "The Great Liquidity Freeze: What Does It Mean for International Banking?," ADBI Working Papers 291, Asian Development Bank Institute.
- Dietrich Domanski & Philip Turner, 2011. "The Great Liquidity Freeze : What Does It Mean for International Banking?," Macroeconomics Working Papers 23245, East Asian Bureau of Economic Research.
- Marco Sorge, 2004. "Stress-testing financial systems: an overview of current methodologies," BIS Working Papers 165, Bank for International Settlements.
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