Central Banks as Economic InstitutionsJean-Philippe Touffut Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its im |
Contents
Introduction | 1 |
1 Monetary beliefs and the power of central banks | 7 |
national tradition international best practice or ideology? | 22 |
3 What objectives for monetary policy? | 52 |
a framework | 68 |
5 Coordinating expectations in monetary policy | 88 |
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Common terms and phrases
aggregate Asia asset prices Bank deutscher Länder bank’s Banque de France Ben Bernanke Bernanke billion Bretton Woods system Buiter BWII capital central bank communication central bank transparency China coordinate expectations Cournot Centre crisis current account deficits debt decisions demand depreciation Deutsche Bundesbank Deutschmark dollar domestic East Asian countries economic policy effects emerging market employment equity Europe European European Central Bank Eurozone exchange rate Federal Reserve financial markets fire sales fiscal policy fixed exchange rates forecasts foreign reserves future Geraats German global imbalances global savings glut growth Holtfrerich impact imports increase independence inflation targeting institutions instrument issue Japan leverage liquidity long-term market value ment monetary policy mortgage NBER objectives oil exporters output policy actions policy makers political price stability property prices ratio Reichsbank result risk role Shin shocks sunspot tion trading partners United value of loans variables