Challenges in Central Banking: The Current Institutional Environment and
Forces Affecting Monetary Policy
Changes in the field of central banking over the past two decades have been
nothing short of dramatic. They include the importance of central bank autonomy, the
desirability of low and stable inflation, and the vital role played by how central banks
communicate their views and intentions to the markets and the public more generally. There
remains considerable diversity nevertheless in the institutional framework affecting
central banks, the manner in which the stance of monetary policy is determined and
assessed, and the forces that dictate the conduct of monetary policy more generally. The
global financial crisis, which began in the United States in 2007, only serves to
highlight further the importance of central bank policies.
The aim of this volume is to take stock of where we are in the realm of
the practice of central banking and considers some of the implications arising from the
ongoing crisis.
Table of Contents
1. The state of play in central banking and the challenges to come
Pierre L. Siklos, Martin T. Bohl and Mark E. Wohar
Part I. Past, Present, and Future in the Conduct of Monetary Policy:
2. Is time ripe for price level path stability? Vitor Gaspar, Frank
Smets and David Vestin
3. The principal-agent approach to monetary policy delegation Georgios E.
Chortareas and Stephen M. Miller
4. Implementing monetary policy in the 2000s: operating procedures in Asia and
beyond Corrinne Ho
Part II. The Scope of Central Banking Operations and Central Bank
Independence:
5. Analysis of financial stability Charles A. E. Goodhart and D. P.
Tsomocos
6. National central banks in a multi-national system David G. Mayes and
Geoffrey E. Wood
7. The complex relationship between central bank independence and inflation
Bernd Hayo and Carsten Hefeker
8. Independence and accountability in supervision: comparing central banks and
financial authorities Donato Masciandaro, Marc Quintyn and Michael W. Taylor
Part III. Transparency and Governance in Central Banking:
9. The economic impact of central bank transparency: a survey Carin
van der Cruijsen and Sylvester C. W. Eijffinger
10. How central banks take decisions: an analysis of monetary policy meetings
Philip Maier
11. Institutional rules and the conduct of monetary policy: does a central bank
need governing principles? Pierre L. Siklos
Data and econometric specification
Empirical evidence
Conclusions.
416 pages, Hardcover