Central Banking after the Crisis: Brave New World or Back to the Future?
This paper provides a snapshot of the current state of central banking doctrine in the aftermath of the crisis, using data from a questionnaire produced in 2011 and sent to central bankers (from 13 countries plus the euro zone) and economists (31) for a report by the French Council of Economic Analysis to the Prime Minister. The results of our analysis of the replies to the questionnaire are twofold. First, we show that the financial crisis has led to some amendments of pre-crisis central banking. We highlight that respondents to the questionnaire agree on the general principle of a ‘broader’ view of central banking extended to financial stability. Nevertheless, central bankers and economists diverge or give inconsistent answers about the details of implementation of this ‘broader’ view. Therefore, the devil is once again in the details. We point out that because of central bankers' conservatism, a return to the status quo cannot be excluded.
|Date of creation:||Oct 2013|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://centredeconomiesorbonne.univ-paris1.fr/
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.:
- Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective,"
NBER Working Papers
7147, National Bureau of Economic Research, Inc.
- Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
- Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
- Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
- Stephen G. Cecchetti & Hans Genberg & Sushil Wadhwani, 2002. "Asset Prices in a Flexible Inflation Targeting Framework," NBER Working Papers 8970, National Bureau of Economic Research, Inc.
- Alex Cukierman, 2011.
"Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies,"
in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 3
- Cukierman, Alex, 2011. "Reflections on the crisis and on its lessons for regulatory reform and for central bank policies," Journal of Financial Stability, Elsevier, vol. 7(1), pages 26-37, January.
- Jakob de Haan & Sylvester C. W. Eijffinger & Sandra Waller, 2005. "The European Central Bank: Credibility, Transparency, and Centralization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262042266, June.
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
- Masciandaro Donato, 2012. "Back to the Future?," European Company and Financial Law Review, De Gruyter, vol. 9(2), pages 112-130, July.
- Alan S. Blinder, 2010.
"How Central Should the Central Bank Be?,"
Journal of Economic Literature,
American Economic Association, vol. 48(1), pages 123-133, March.
- Frederic S. Mishkin, 2011.
"Monetary Policy Strategy: Lessons from the Crisis,"
NBER Working Papers
16755, National Bureau of Economic Research, Inc.
- Claudio Borio & Haibin Zhu, 2008.
"Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?,"
BIS Working Papers
268, Bank for International Settlements.
- Borio, Claudio & Zhu, Haibin, 2012. "Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism?," Journal of Financial Stability, Elsevier, vol. 8(4), pages 236-251.
- Bussière, Matthieu & Stracca, Livio, 2010. "A decade (and a global financial crisis) after Blinder: The interaction between researchers and policy-makers in central banks," Working Paper Series 1260, European Central Bank.
- Mikael Bask, 2012. "Asset Price Misalignments And Monetary Policy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 17(3), pages 221-241, 07.
- Cukierman Alex, 1992.
"Central Bank Strategy, Credibility, And Independance: Theory And Evidence,"
Journal des Economistes et des Etudes Humaines,
De Gruyter, vol. 3(4), pages 10, December.
- Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981, June.
- Charles Goodhart, 2010. "How may the New Architecture of Financial Regulations develop?," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 73, pages 28-37, March.
- Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
- Alan S. Blinder, 2000.
"Central-Bank Credibility: Why Do We Care? How Do We Build It?,"
American Economic Review,
American Economic Association, vol. 90(5), pages 1421-1431, December.
- Alan S. Blinder, 1999. "Central Bank Credibility: Why Do We Care? How Do We Build It?," NBER Working Papers 7161, National Bureau of Economic Research, Inc.
- Marc Quintyn & Donato Masciandaro & Frank Lierman & Morten Balling, 2014. "Introduction," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
- Jakob Haan & Fabian Amtenbrink & Sandra Waller, 2004. "The Transparency and Credibility of the European Central Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 42(4), pages 775-794, November.
- Marc Quintyn & Rosaria Vega Pansini & Donato Masciandaro, 2011. "The Economic Crisis: Did Financial Supervision Matter?," IMF Working Papers 11/261, International Monetary Fund.
- Charles Goodhart, 2010. "The changing role of central banks," BIS Working Papers 326, Bank for International Settlements.
- Charles Goodhart, 2010. "The Changing Role of Central Banks," FMG Special Papers sp197, Financial Markets Group.
- Pierre C. Boyer & Jorge Ponce, 2011. "Central Banks and Banking Supervision Reform," Chapters, in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 6 Edward Elgar.
When requesting a correction, please mention this item's handle: RePEc:mse:cesdoc:13073. 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: (Lucie Label)
If references are entirely missing, you can add them using this form.