Description
The economic influence of central banks has received ever more attention given their centrality during the financial crises that led to the Great Recession, strains in the European Union, and the challenges to the Euro. The Oxford Handbook of the Economics of Central Banking reflects the state of the art in the theory and practice and covers a wide range of topics that will provide insight to students, scholars, and practitioners.As an up to date reference of the current and potential challenges faced by central banks in the conduct of monetary policy and in the search for the maintenance of financial system stability, this Oxford Handbook covers a wide range of essential issues. The first section provides insights into central bank governance, the differing degrees of central bank independence, and the internal dynamics of their decision making. The next section focuses on questions of whether central banks can ameliorate fiscal burdens, various strategies to affect monetary policy, and how the global financial crisis affected the relationship between the traditional focus on inflation targeting and unconventional policy instruments such as quantitative easing (QE), foreign exchange market interventions, negative interest rates, and forward guidance. The next two sections turn to central bank communications and management of expectations and then mechanisms of policy transmission. The fifth part explores the challenges of recent developments in the economy and debates about the roles central banks should play, focusing on micro- and macro-prudential arguments. The implications of recent developments for policy modeling are covered in the last section. The breadth and depth enhances understanding of the challenges and opportunities facing central banks.
Table of Contents
Contributors1. Central Banking's 'Long March' Over the DecadesPART I: CENTRAL BANK GOVERNANCE AND VARIETIES OF INDEPENDENCE2. Monetary Policy Committees and Voting Behavior3. Peaks and Troughs: Economics and Political Economy of Central Bank Independence Cycles4. The Governance of Central Banks: With Some Examples from the Bank of England and another and Some Implications for AllPART II: CENTRAL BANK FINANCING, BALANCE SHEET MANAGEMENT, AND STRATEGY5. Can the Central Bank Alleviate Fiscal Burdens?6. The Impact of the Global Financial Crisis on Central Banking7. Strategies for Conducting Monetary Policy: A Critical AppraisalPART III: CENTRAL BANK COMMUNICATION AND EXPECTATIONS MANAGEMENT8. Central Bank Communication: How to Manage Expectations?9. Central Bank Communications: A Case Study10. Transparency of Monetary Policy in the Post-Crisis WorldPART IV: POLICY TRANSMISSION MECHANISMS AND OPERATIONS11. Real Estate, Construction, Money, Credit and Finance12. Inside the Bank Box: Evidence on Interest Rate Pass-Through and Monetary Policy Transmission13. Term Premium Variability and Monetary Policy14. Open Market OperationsPART V: THE NEW AGE OF CENTRAL BANKING: MANAGING MICRO AND MACRO-PRUDENTIAL FRAMEWORKS15. Central Banking and Prudential Regulation: How the Wheel Turns16. The Changing Consensus on the Central Bank's Role in Financial Stability and Supervision17. Central Banks and the New Regulatory Regime for Banks18. Macroprudential Regulation of Banks and Financial InstitutionsPART VI: CENTRAL BANKING AND CRISIS MANAGEMENT19. Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory20. The Changing Role of the Central Bank in Crisis Avoidance and Management21. Managing Macrofinancial Crises: The Role of the Central BankPART VII: EVOLUTION OR REVOLUTION IN POLICY MODELLING?22. Macro-Modelling, Default and Money23. Model Uncertainty in Macro Economics: On the Implications of Financial Frictions24. What Has Publishing Inflation Forecasts Accomplished? : Central Banks and Their CompetitorsIndex
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