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Redefining the Role of Central Banks

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  • Pesuth, Tamás

Abstract

The 2008 global economic crisis has brought about a fundamental change in economic policy thinking. After the crisis, central bank roles have changed and central banks are actively seeking their role in this new era. Besides the reconsideration of spe-cific policy measures, it is a fundamental element of the renewal of central banks to reassess the central bank philosophy underlying monetary policy. This study is intended to examine the change in monetary policy thinking based on the economic policy stance taken by major central banks in the aftermath of the crisis. In addition, it presents the theoretical correlations of the changing role of central banks through post-crisis measures.

Suggested Citation

  • Pesuth, Tamás, 2016. "Redefining the Role of Central Banks," Public Finance Quarterly, Corvinus University of Budapest, vol. 61(1), pages 34-48.
    • Handle: RePEc:pfq:journl:v:61:y:2016:i:1:p:34-48
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    File URL: https://unipub.lib.uni-corvinus.hu/8818/
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    More about this item

    Keywords

    central bank; crisis; role of central banks; history of economics;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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