An examination of the post-recession responsibilities of central banks, this book proposes adaptations to the central banking model that preserve the advantages in terms of inflation control brought by their independence, while taking into account the long-term consequences of the Great Recession.
An examination of the post-recession responsibilities of central banks, this book proposes adaptations to the central banking model that preserve the advantages in terms of inflation control brought by their independence, while taking into account the long-term consequences of the Great Recession.
Francesco Papadia has nearly 40 years of central banking experience. Beginning with the founding of the European Central Bank (ECB) in 1998, he served as the Director General for Market Operations until 2012. Prior to that, he held various positions at the Banca d'Italia and was Economic Advisor at the EU Commission. Currently he is Chairman of the Board of the Prime Collateralised Securities, Chair of the Selection Panel of the Hellenic Financial Stability Fund, Senior Resident Fellow at the Bruegel Institute, and a university lecturer. Tuomas Välimäki is the Head of Monetary Policy and Research at the Bank of Finland. As the Bank's Chief Economist, he is a member of the European Central Bank's Monetary Policy Committee. During his two decades as a central banker, he has also worked as a visiting expert at the European Central Bank.
Inhaltsangabe
Introduction 1. Central banking before the Great Recession 1.1: Changing nature and objectives of central banks 1.2: Dominant central bank model before the crisis 1.3: The unsettled issue of financial stability 1.4: Planting the seeds of the Great Recession: macroeconomic, regulatory, supervisory, and intellectual aspects 2. Central banking during the Great Recession 2.1: Monetary Policy 2.2: Financial Stability 3. Central banking after the Great Recession 3.1: Hits to the pre-crisis central bank model 3.2: Was the pre Great Recession central banking model jeopardized? 3.3: Strategic and operational issues 3.4: Central banks in a new regulatory and supervisory landscape 3.5: How wide will the scope of responsibilities of central banks be? 3.6: Possible adaptations to the central banks model
Introduction 1. Central banking before the Great Recession 1.1: Changing nature and objectives of central banks 1.2: Dominant central bank model before the crisis 1.3: The unsettled issue of financial stability 1.4: Planting the seeds of the Great Recession: macroeconomic, regulatory, supervisory, and intellectual aspects 2. Central banking during the Great Recession 2.1: Monetary Policy 2.2: Financial Stability 3. Central banking after the Great Recession 3.1: Hits to the pre-crisis central bank model 3.2: Was the pre Great Recession central banking model jeopardized? 3.3: Strategic and operational issues 3.4: Central banks in a new regulatory and supervisory landscape 3.5: How wide will the scope of responsibilities of central banks be? 3.6: Possible adaptations to the central banks model
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