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Evolution and Procedures in Central Banking

£23.99

Jasmina Arifovic, Thomas J. Sargent, James Bullard, Christopher A. Sims, Charles Goodhart, Donald L. Kohn, Mark Gertler, Jürgen von Hagen, Matthias Brückner, Stephen G. Cecchetti, Vitor Gaspar, Alberto Trejos, Klaus Schmidt-Hebbel, Ross Levine, Gary Gorton, Lixin Huang, John H. Boyd, Edward J. Green, Arthur J. Rolnick, Bruce D. Smith, Warren E. Weber, Neil Wallace, Bruce Champ, Randall S. Kroszner, Jeremy C. Stein, Jeffrey M. Lacker
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  • Date Published: July 2011
  • availability: Available
  • format: Paperback
  • isbn: 9780521158282

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  • This volume collects the proceedings from a conference on the evolution and practice of central banking sponsored by the Central Bank Institute of the Federal Reserve Bank of Cleveland. The articles and discussants' comments in this volume largely focus on two questions: the need for central banks, and how to maintain price stability once they are established. The questions addressed include whether large banks (or coalitions of small banks) can substitute for government regulation and due central bank liquidity provision; whether the future will have fewer central banks or more; the possibility of private means to deliver a uniform currency; if competition across sovereign currencies can ensure global price stability; the role of learning (and unlearning) the lessons of the past inflationary episodes in understanding central bank behavior; and an analysis of the European Central Bank.

    • Every article and discussant combination includes contribution of academics and central bank representatives on important topics
    • Historical perspectives motivate much of the analyses in the volume
    • The choice of eminent contributors (academics and personnel from the Bank of England, Central Bank of Chile, and European Central Bank), and topics (dollarization, a review of ECB performance) make the volume truly international
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    Product details

    • Date Published: July 2011
    • format: Paperback
    • isbn: 9780521158282
    • length: 334 pages
    • dimensions: 229 x 152 x 19 mm
    • weight: 0.49kg
    • availability: Available
  • Table of Contents

    List of contributors
    Acknowledgements
    In memoriam
    Introduction
    Part I. Operational Issues in Modern Central Banking:
    1. Laboratory experiments with an exceptional Phillips curve Jasmina Arifovic and Thomas J. Sargent
    Commentary James Bullard and Christopher A. Sims
    2. Whither central banking? Charles Goodhart
    Commentary Donald L. Kohn and Mark Gertler
    Part II. Monetary Union:
    3. Monetary policy in unknown territory: the European Central Bank in the early years Jürgen von Hagen and Matthias Brückner
    Commentary Stephen G. Cecchetti and Vitor Gaspar
    4. International currencies and dollarization Alberto Trejos
    Commentary Klaus Schmidt-Hebbel and Ross Levine
    Part III. Private Alternatives to Central Banks:
    5. Banking panics and the origin of central banking Gary Gorton and Lixin Huang
    Commentary John H. Boyd and Edward J. Green
    6. Establishing a monetary union in the United States Arthur J. Rolnick, Bruce D. Smith and Warren E. Weber
    Commentary Neil Wallace and Bruce Champ
    7. Currency competition in the Digital Age Randall S. Kroszner
    Commentary Jeremy C. Stein and Jeffrey M. Lacker
    Index.

  • Editors

    David E. Altig, Federal Reserve Bank of Cleveland

    Bruce D. Smith, University of Texas, Dallas

    Contributors

    Jasmina Arifovic, Thomas J. Sargent, James Bullard, Christopher A. Sims, Charles Goodhart, Donald L. Kohn, Mark Gertler, Jürgen von Hagen, Matthias Brückner, Stephen G. Cecchetti, Vitor Gaspar, Alberto Trejos, Klaus Schmidt-Hebbel, Ross Levine, Gary Gorton, Lixin Huang, John H. Boyd, Edward J. Green, Arthur J. Rolnick, Bruce D. Smith, Warren E. Weber, Neil Wallace, Bruce Champ, Randall S. Kroszner, Jeremy C. Stein, Jeffrey M. Lacker

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