The past, present and future of central banking
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.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +44(0)131 451 3497
Fax: +44(0)131 451 3497
Web page: http://www.sml.hw.ac.uk/departments/accountancy-economics-finance.htm
More information through EDIRC
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.:
- Buiter, Willem H., 2012.
"The Role of Central Banks in Financial Stability: How has it changed?,"
CEPR Discussion Papers
8780, C.E.P.R. Discussion Papers.
- Willem H. Buiter, 2013. "The Role of Central Banks in Financial Stability: How Has It Changed?," World Scientific Book Chapters, in: The Role of Central Banks in Financial Stability How Has It Changed?, chapter 2, pages 11-56 World Scientific Publishing Co. Pte. Ltd..
- Julia Darby & Jacques Melitz, 2008. "Social spending and automatic stabilizers in the OECD," Economic Policy, CEPR;CES;MSH, vol. 23, pages 715-756, October.
- Claudio Borio, 2011. "Central banking post-crisis: What compass for uncharted waters?," BIS Working Papers 353, Bank for International Settlements.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
- 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.
- Claudio Borio & Piti Disyatat, 2010.
"Unconventional Monetary Policies: An Appraisal,"
University of Manchester, vol. 78(s1), pages 53-89, 09.
- 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.
- 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.
- Garratt, Anthony & Koop, Gary & Mise, Emi & Vahey, Shaun P., 2009. "Real-Time Prediction With U.K. Monetary Aggregates in the Presence of Model Uncertainty," Journal of Business & Economic Statistics, American Statistical Association, vol. 27(4), pages 480-491.
- Anthony Garratt & Gary Koop & Emi Mise & Shaun P Vahey, 2007. "Real-time Prediction with UK Monetary Aggregates in the Presence of Model Uncertainty," Birkbeck Working Papers in Economics and Finance 0714, Birkbeck, Department of Economics, Mathematics & Statistics.
- Paul Bloxham & Christopher Kent & Michael Robson, 2010.
"Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study,"
RBA Research Discussion Papers
rdp2010-06, Reserve Bank of Australia.
- Paul Bloxham & Christopher Kent & Michael Robson, 2011. "Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study," NBER Working Papers 16845, National Bureau of Economic Research, Inc.
- Sushil Wadhwani, 2008.
"Should Monetary Policy Respond to Asset Price Bubbles? Revisiting the Debate,"
FMG Special Papers
sp180, Financial Markets Group.
- Sushil Wadhwani, 2008. "Should Monetary Policy respond to Asset Price Bubbles? Revisiting the Debate," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
- 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.
- Marcus Miller, 2011. "Macroeconomics: A Discipline Not A Science," Manchester School, University of Manchester, vol. 79(s2), pages 21-24, 09.
- 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.
- David Cobham & Stefania Cosci & Fabrizio Mattesini, 2008.
"Informal central bank independence: an analysis for three European countries,"
CEIS Research Paper
116, Tor Vergata University, CEIS, revised 14 Jul 2008.
- 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.
- repec:sae:niesru:v:163:y::i:1:p:87-98 is not listed on IDEAS
- John, Sarah & Roberts, Matt & Weeken, Olaf, 2012. "The Bank of England’s Special Liquidity Scheme," Bank of England Quarterly Bulletin, Bank of England, vol. 52(1), pages 57-66.
- 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.
- Forder, James, 1998. "Central Bank Independence--Conceptual Clarifications and Interim Assessment," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 307-34, July.
- 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.
- International Monetary Fund, 2011. "Macroprudential Policy; What Instruments and How to Use them? Lessons From Country Experiences," IMF Working Papers 11/238, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:hwe:hwuedp:1205. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Colin Miller)
If references are entirely missing, you can add them using this form.