Contains 22 essays by leading luminaries in policy making and research, illustrating the changing role of central banks and the policies they pursue in seeking monetary and financial stabilisation.
Bibliography, etc. Note
Includes bibliographical references and index.
Formatted Contents Note
Cover; Half Title; Title page; Imprints page; Contents; List of Figures; List of Tables; List of Contributors; Acknowledgement; 1 Introduction and Overview; 1.1 Introduction; 1.2 Overview of the Book; 1.3 Conclusion; References; Part I. Monetary Economics and Policy; 2 Money; References; 3 Monetary Control in the UK; 3.1 Introduction; 3.2 Money and Openness; 3.3 Monetary Policy after World War II; 3.3.1 Policy; 3.3.2 Money Not Important; 3.3.3 Controls on Bank Lending: Reserve/Deposit Ratios; Liquid Asset Ratios; Ceilings; Directives; Special Deposits; 3.3.4 Direct Controls. 3.4 The Return of Money: Competition and Credit Control3.4.1 Reservations and Implementation; 3.5 Conclusion; References; 4 Pristine and Parsimonious Policy; 4.1 Four Challenges to Central Bank Independence; 4.1.1 Non-Neutrality: Hysteresis and Trade-Offs; 4.1.2 Distributional Considerations; 4.1.3 The Only Game in Town: Central Banking as False Hope; 4.1.4 Over-Mighty Citizens: Central Banks in a Democratic Society; 4.2 Detour: Principles for Legitimate Delegation to Independent Agencies; 4.3 Central Banking as a Co-manager of the State's Consolidated Balance Sheet. 4.3.1 What Do Central Banks Do?4.3.2 A Minimalist Conception; 4.3.3 A Maximalist Conception; 4.3.4 Terms of Central Bank Independence: A Matter of Convention, Not Natural Law; 4.4 The Fiscal Carve-Out for Central Banking; 4.5 Parsimony Given Statutory Objectives; 4.6 Precepts for Central Bank Balance-Sheet Operations; 4.7 Conclusion: Parsimonious but Not Always Pristine Central Banking; References; 5 Central Bank Talk about Future Monetary Policy; 5.1 Forward Guidance; 5.1.1 Forward Guidance at the Effective Lower Bound; 5.1.2 Forward Guidance Comes in Many Varieties. 5.1.3 Challenges for Forward Guidance5.2 Federal Reserve Forward Guidance; 5.2.1 Evolution; 5.2.2 Effect; 5.3 Conclusions and Recommendations; References; 6 Bank Capital and Monetary Policy Transmission; 6.1 Bank Capital as the Foundation for Lending; 6.2 Negative Interest Rates and Credit Growth; 6.3 Concluding Remarks; Appendix: The Ninety Banks Used in the Sample for Figures 6.1 and 6.2; References; 7 When Are Central Banks More Likely to Target Asset Prices?; 7.1 Introduction; 7.2 Empirical Analysis on the Asset Price Channel; 7.3 Empirical Estimation of a More General Taylor Rule. 7.4 Concluding RemarksReferences; Part II. Financial Stability and Regulatory Policy; 8 The Macroprudential Toolkit; 8.1 Introduction; 8.2 Background; 8.3 Improving the Framework for Financial Stability Analysis and Policy Decisions; 8.3.1 A Framework; 8.3.2 Governance Best Practices; 8.3.3 Toolkit Best Practices; 8.3.4 Stress Tests: Microprudential and Macroprudential; 8.3.5 Through-the-Cycle or Time-Varying Tools; 8.3.6 Crisis-Fighting Tools; 8.3.7 Tabletop Exercises; 8.3.8 Unintended Consequences; 8.3.9 Guardrails and Incentives; 8.3.10 Evaluation of Tools.
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Print version: Changing fortunes of central banking. First edition. New York : Cambridge University Press, 2018