"This book examines from a transatlantic perspective how the central bank has
become the bank of banks. Thirteen distinguished economists and central bankers have been
brought together to evaluate how central banks work, arrive at their policies, choose
their instruments and gauge their success in managing economies, both in times of crisis
and periods of growth." This book provides a better understanding of the current
financial crisis through the in-depth study of the central bank. Researchers in the fields
of monetary theory, monetary policy and central banking will find this volume of great
interest. It will also appeal to students of economics, political economy, banking and
finance, as well as economists, academics, and public policy advisers and analysts.
Table of Contents
List of figures and tables
About the series Robert M. Solow Solow, Robert M.
Introduction Jean-Philippe Touffut Touffut, Jean-Philippe
1 Monetary beliefs and the power of central banks Andre Orlean Orlean, Andre 7
2 Monetary policy in Germany since 1948: national tradition, international best
practice or ideology? Carl-Ludwig Holtfrerich Holtfrerich, Carl-Ludwig 22
3 What objectives for monetary policy? Benjamin M. Friedman Friedman, Benjamin M. 52
4 Financial stability and monetary policy: a framework Gerhard Illing Illing, Gerhard
68
5 Coordinating expectations in monetary policy Stephen Morris Morris, Stephen Hyun Song
Shin Shin, Hyun Song 88
6 Central bank transparency: where, why and with what effects? Nazire Nergiz Dincer
Dincer, Nazire Nergiz Barry Eichengreen Eichengreen, Barry 105
7 Global imbalances: origins, consequences and possible resolutions Takatoshi Ito Ito,
Takatoshi 142
8 Global imbalances: a contemporary 'Rashomon' saga Nouriel Roubini Roubini, Nouriel
162
9 Round table discussion: monetary policy in the new international environment Patrick
Artus Artus, Patrick Alan S. Blinder Blinder, Alan S. Willem Buiter Buiter, Willem Otmar
Issing Issing, Otmar Rohert M. Solow Solow, Rohert M. 177
Index 207
256 pages, Paperback