Central Banks as Fiscal Players
Central Banks as Fiscal Players

Author: Willem Buiter

Publisher: Cambridge University Press

Published: 2020-11-12

Total Pages: 229

ISBN-13: 1108842828

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It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.

The Future of Central Banking
The Future of Central Banking

Author: Forrest Capie

Publisher: Cambridge University Press

Published: 1994

Total Pages: 396

ISBN-13: 9780521496346

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This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.

The Federal Reserve System Purposes and Functions
The Federal Reserve System Purposes and Functions

Author: Board of Governors of the Federal Reserve System

Publisher:

Published: 2002

Total Pages: 0

ISBN-13: 9780894991967

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Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Central Banks at a Crossroads
Central Banks at a Crossroads

Author: Michael D. Bordo

Publisher: Cambridge University Press

Published: 2016-06-09

Total Pages: 719

ISBN-13: 1107149665

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This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries.

Central Banks as Fiscal Players
Central Banks as Fiscal Players

Author: Willem Buiter

Publisher: Cambridge University Press

Published: 2020-11-12

Total Pages: 229

ISBN-13: 1108913164

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It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.

Checks and Balances, Private Information, and the Credibility of Monetary Commitments
Checks and Balances, Private Information, and the Credibility of Monetary Commitments

Author: Philip Keefer

Publisher: World Bank Publications

Published: 2001

Total Pages: 46

ISBN-13:

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In economically volatile conditions in which it is more difficult for the public to distinguish inflation deliberately generated by government from inflation created by unanticipated economic shocks, the anti-inflationary effect of central bank independence will be unchanged but the effectiveness of exchange rate pegs will be significantly improved. Keefer and Stasavage develop and test several new hypotheses about the anti-inflationary effect of central bank independence and exchange rate pegs in the context of different institutions and different degrees of citizen information about government policies.

The Rule of Law in Monetary Affairs
The Rule of Law in Monetary Affairs

Author: Thomas Cottier

Publisher: Cambridge University Press

Published: 2014-08-29

Total Pages: 635

ISBN-13: 1107063639

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Addresses central monetary law and policy debates, especially the links between international investment law and trade regulation within the WTO.

How Do Central Banks Talk?
How Do Central Banks Talk?

Author: Alan S. Blinder

Publisher: Centre for Economic Policy Research

Published: 2001

Total Pages: 150

ISBN-13: 9781898128601

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Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.

The Rise of Digital Money
The Rise of Digital Money

Author: Mr.Tobias Adrian

Publisher: International Monetary Fund

Published: 2019-07-15

Total Pages: 20

ISBN-13: 1498324908

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This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

Lords of Finance
Lords of Finance

Author: Liaquat Ahamed

Publisher: Penguin

Published: 2009

Total Pages: 584

ISBN-13: 9781594201820

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Argues that the stock market crash of 1929 and subsequent Depression occurred as a result of poor decisions on the part of four central bankers who jointly attempted to reconstruct international finance by reinstating the gold standard.