(Ebook PDF) Central Banking in Turbulent Times 1st edition by Francesco Papadia, Tuomas Valimaki 0192528882 9780192528889 full chapters

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ISBN-10 ‏ : ‎ 0192528882 

ISBN-13 ‏ : ‎9780192528889

Author: Francesco Papadia, Tuomas Välimäki 

Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as ‘the only game in town’, and a place to put innumerable problems vastly exceeding their traditional remit. These new powers do not fit well, however, with the independence of central banks, remote from the democratic control of government. Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central banks. This raises the risk of dilemmas, since the Great Recession brought into question implicit assumptions that the pursuit of price stability would also lead to financial stability. In addition, the border between monetary and fiscal policy was blurred both in the US and in Europe. Central Banking in Turbulent Times asks whether the model prevailing before the Great Recession has been irrevocably altered. Are we entering, as Charles Goodhart has hypothesized, into the ‘fourth epoch’ of central banking? Are changes to central banks part of a move away from the global liberal order that seemed to have prevailed at the turn of the century? Central Banking in Turbulent Times seeks to answer these questions as it examines how changes can allow for the maintenance of price stability, while adapting to the long-term consequences of the Great Recession.

Central Banking in Turbulent Times 1st Table of contents:

1. Central Banking before the Great Recession
1.1 Changing Nature and Objectives of Central Banks
Legal basis
Policy objectives
Hierarchy of objectives
Monetary policy strategy
Definition of price stability
Benefits of the definition of price stability
1.2 Dominant Central Bank Model before the Crisis
A synthetic timeline
1.3 The Unsettled Issue of Financial Stability
1.4 Planting the Seeds of the Great Recession: Macroeconomic, Regulatory, Supervisory, and Intellectual Failings
2. Central Banking during the Great Recession
2.1 Monetary Policy
Denmark
Sweden
Switzerland
A. The Fed
B. The ECB
The mechanics of target balances and central bank intermediation during the crisis
The link between target imbalances, Trust in countries’ financial health and ECB measures
2.2 Financial Stability
Current issues and future challenges
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 Banking Model

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